Major Drilling Group International (TSE:MDI) Reaches New 12-Month High – Time to Buy?

Major Drilling Group International Inc. (TSE:MDI) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$17.11 and last traded at C$17.00, with a volume of 304280 shares. The stock had previously closed at C$16.74.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MDI. TD Securities raised their price objective on Major Drilling Group International from C$13.00 to C$16.00 and gave the company a “buy” rating in a report on Friday, December 5th. Royal Bank Of Canada lifted their price target on shares of Major Drilling Group International from C$14.00 to C$17.00 in a research note on Tuesday, December 16th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, Major Drilling Group International presently has a consensus rating of “Buy” and a consensus target price of C$16.50.

Major Drilling Group International Trading Up 1.6%

The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.92 and a current ratio of 3.59. The firm has a 50-day moving average of C$14.50 and a 200-day moving average of C$12.39. The firm has a market capitalization of C$1.39 billion, a P/E ratio of 89.47, a price-to-earnings-growth ratio of 3.45 and a beta of 1.51.

Insider Buying and Selling

In other Major Drilling Group International news, insider Benjamin Luke Graham sold 10,000 shares of the firm’s stock in a transaction 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. 0.32% of the stock is owned by corporate insiders.

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.