Akita Drilling (TSE:AKT) Stock Price Crosses Above 50-Day Moving Average – Here’s Why

Akita Drilling (TSE:AKT)’s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$0.00 and traded as high as C$4.00. Akita Drilling shares last traded at C$3.84, with a volume of 46,187 shares trading hands.

Analyst Upgrades and Downgrades

Separately, ATB Cormark Capital Markets downgraded shares of 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 report on Wednesday, August 5th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of C$4.25.

Akita Drilling Stock Performance

The company has a market cap of C$220.78 million, a PE ratio of -27.43 and a beta of -0.15.

Akita Drilling (TSE:AKT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported C($0.12) EPS for the quarter. The company had revenue of C$46.37 million during the quarter.

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.