Akita Drilling (TSE:AKT) Announces Quarterly Earnings Results

Akita Drilling (TSE:AKT) announced its earnings results on Thursday. The company reported C($0.05) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of C$69.18 million during the quarter.

Akita Drilling Price Performance

TSE AKT opened at C$3.37 on Friday. The stock has a market cap of C$129.48 million, a price-to-earnings ratio of -24.07 and a beta of 0.34. Akita Drilling has a fifty-two week low of C$3.28 and a fifty-two week high of C$4.18. The company’s 50-day moving average is C$3.77.

Wall Street Analysts Forecast Growth

Separately, ATB Cormark Capital Markets downgraded Akita Drilling from a “moderate buy” rating to a “hold” rating and dropped their target price for the stock from C$5.00 to C$4.25 in a research note on Wednesday, August 5th. One analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of C$4.25.

About Akita Drilling

AKITA Drilling Ltd. (AKITA) is engaged in providing contract drilling services, primarily to the oil and gas industry. The Company is involved in other forms of drilling, including potash mining and the development of storage caverns. The Company owns and operates approximately 31 drilling rigs in Canada. The Company manages its business through approximately two geographic regions, which include Canada and the United States. The Company specializes in the construction and retrofit of heavy oil pad drilling rigs associated with Steam Assisted Gravity Drainage (SAGD) operations.