Akita Drilling (TSE:AKT) Share Price Breaks Below 50 Day Moving Average – Should You Sell?

Akita Drilling (TSE:AKT) crossed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of C$3.79 and traded as low as C$3.60. Akita Drilling shares last traded at C$3.68, with a volume of 48,427 shares trading hands.

Analyst Ratings Changes

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

Akita Drilling Trading Down 1.1%

The company has a fifty day moving average price of C$3.79. The stock has a market capitalization of C$211.59 million, a price-to-earnings ratio of -26.29 and a beta of -0.38.

Akita Drilling (TSE:AKT) last announced its earnings results on Tuesday, August 4th. The company reported C($0.12) earnings per share (EPS) for the quarter. The company 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.