Major Drilling Group International (TSE:MDI) Share Price Passes Above Two Hundred Day Moving Average – What’s Next?

Major Drilling Group International Inc. (TSE:MDI) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$16.20 and traded as high as C$16.82. Major Drilling Group International shares last traded at C$16.43, with a volume of 255,431 shares.

Wall Street Analysts Forecast Growth

MDI has been the topic of several recent research reports. TD boosted their price target on shares of Major Drilling Group International from C$21.00 to C$22.00 and gave the company a “buy” rating in a research report on Friday, June 12th. Royal Bank Of Canada set a C$20.00 price objective on shares of Major Drilling Group International and gave the stock an “outperform” rating in a research report on Friday, June 5th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of C$21.00.

Major Drilling Group International Stock Down 1.2%

The stock has a market capitalization of C$1.34 billion, a price-to-earnings ratio of 62.58, a PEG ratio of 3.45 and a beta of 1.65. The company has a debt-to-equity ratio of 6.32, a current ratio of 2.43 and a quick ratio of 1.92. The business has a fifty day moving average of C$15.38 and a 200 day moving average of C$16.20.

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

Insider Activity

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

About Major Drilling Group International

Major Drilling Group International Inc is the world’s largest provider of drilling services in the metals and mining industry. The diverse needs of the Company’s global clientele are met through field operations and registered offices that span across North America, South America, Australia, Asia, Africa, and Europe. Established in 1980, the Company has grown to become a global brand in the mining space, known for tackling many of the world’s most challenging drilling projects. Supported by a highly skilled workforce, Major Drilling is led by an experienced senior management team that has steered it through various economic and mining cycles, supported by regional managers known for delivering decades of superior project management.