Akita Drilling (TSE:AKT) Stock Price Crosses Above Fifty Day Moving Average – Time to Sell?

Akita Drilling (TSE:AKT) shares crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$3.77 and traded as high as C$3.90. Akita Drilling shares last traded at C$3.83, with a volume of 45,975 shares changing hands.

Wall Street Analyst Weigh In

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

Akita Drilling Price Performance

The firm has a market cap of C$219.06 million, a PE ratio of -27.21 and a beta of -0.38. The firm has a fifty day moving average of C$3.77.

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