Major Drilling Group International (TSE:MDI) Sets New 12-Month High on Analyst Upgrade

Major Drilling Group International Inc. (TSE:MDI)’s stock price hit a new 52-week high during mid-day trading on Monday after TD raised their price target on the stock from C$21.00 to C$22.00. TD currently has a buy rating on the stock. Major Drilling Group International traded as high as C$18.70 and last traded at C$18.56, with a volume of 26778 shares trading hands. The stock had previously closed at C$17.96.

Other equities research analysts have also issued research reports about the company. TD Securities boosted their price target on Major Drilling Group International from C$16.00 to C$21.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Royal Bank Of Canada set a C$20.00 target price on shares of Major Drilling Group International and gave the stock an “outperform” rating in a research note on Friday, June 5th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Major Drilling Group International has an average rating of “Buy” and an average target price of C$21.00.

Insider Buying and Selling

In other news, Director Jo Mark Zurel sold 6,000 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of C$17.84, for a total value of C$107,040.00. Following the transaction, the director directly owned 5,600 shares of the company’s stock, valued at approximately C$99,904. This represents a 51.72% decrease in their ownership of the stock. Corporate insiders own 0.32% of the company’s stock.

Major Drilling Group International Stock Up 2.7%

The company has a current ratio of 2.43, a quick ratio of 1.92 and a debt-to-equity ratio of 6.32. The business’s 50-day simple moving average is C$16.81 and its 200-day simple moving average is C$15.64. The company has a market capitalization of C$1.52 billion, a PE ratio of 70.96, a price-to-earnings-growth ratio of 3.45 and a beta of 1.59.

Major Drilling Group International (TSE:MDI) last released its quarterly earnings data on Wednesday, June 10th. The company reported C$0.10 EPS for the quarter. Major Drilling Group International had a net margin of 2.40% and a return on equity of 3.91%. The business had revenue of C$233.69 million for the quarter. As a group, equities research analysts anticipate that Major Drilling Group International Inc. will post 0.5757162 EPS for the current fiscal year.

About Major Drilling Group International

Major Drilling Group International Inc is engaged in the business of contract drilling, and it provides services to companies that are involved in mining and mineral exploration. It offers surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, and underground percussive/long-hole drilling services, as well as various drilling-related mine services. Its geographical segments are Canada – the United States; South and Central America; and Asia and Africa, of which most of its revenue comes from Canada – the United States.