AKITA Drilling (TSE:AKT.A) Share Price Crosses Above Fifty Day Moving Average – Here’s What Happened

AKITA Drilling Ltd. (TSE:AKT.A) shares crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$1.95 and traded as high as C$2.13. AKITA Drilling shares last traded at C$2.06, with a volume of 29,350 shares changing hands.

Wall Street Analyst Weigh In

Separately, ATB Capital lowered their price objective on AKITA Drilling from C$2.50 to C$2.25 and set a “sector perform” rating for the company in a research report on Friday, December 19th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, AKITA Drilling presently has a consensus rating of “Hold” and an average price target of C$2.25.

AKITA Drilling Price Performance

The business has a 50-day moving average of C$1.95 and a 200 day moving average of C$2.07. The company has a current ratio of 1.69, a quick ratio of 1.54 and a debt-to-equity ratio of 33.94. The firm has a market capitalization of C$81.68 million, a P/E ratio of 3.75, a price-to-earnings-growth ratio of -0.69 and a beta of 0.99.

About AKITA Drilling

AKITA is a premier Canadian oil and gas drilling contractor with a fleet of 32 drilling rigs. AKITA provides contract drilling services through two geographical segments: Canada and the United States (“US”). AKITA’s US fleet is supported out of its operations base in Midland, Texas and is comprised of 13 high specification AC triple rigs, one high specification AC double rig and one DC triple rig, primarily serving the Permian Basin, which is the most active basin in the US and currently supports approximately half of all US land drilling.