Major Drilling Group International (TSE:MDI) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Major Drilling Group International Inc. (TSE:MDI) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$13.52 and traded as high as C$16.55. Major Drilling Group International shares last traded at C$15.95, with a volume of 327,632 shares changing hands.

Analyst Ratings Changes

Several research firms have weighed in on MDI. Royal Bank Of Canada increased their target price on shares of Major Drilling Group International from C$17.00 to C$20.00 and gave the stock an “outperform” rating in a report on Tuesday, February 24th. TD Securities boosted their price target on shares of Major Drilling Group International from C$16.00 to C$21.00 and gave the company a “buy” rating in a report on Friday, February 27th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$20.50.

Major Drilling Group International Stock Performance

The company has a debt-to-equity ratio of 7.68, a current ratio of 2.71 and a quick ratio of 1.92. The company has a market cap of C$1.31 billion, a price-to-earnings ratio of 88.61, a price-to-earnings-growth ratio of 3.45 and a beta of 1.61. The stock has a 50-day moving average price of C$16.04 and a 200 day moving average price of C$13.52.

Insiders Place Their Bets

In other Major Drilling Group International news, insider Benjamin Luke Graham sold 10,000 shares of Major Drilling Group International stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of C$16.32, for a total value of C$163,200.00. Insiders own 0.32% of the company’s stock.

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.