Akita Drilling (TSE:AKT) Stock Crosses Below 50 Day Moving Average – What’s Next?

Akita Drilling (TSE:AKT) shares crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of C$3.82 and traded as low as C$3.65. Akita Drilling shares last traded at C$3.69, with a volume of 29,311 shares.

Analysts Set New Price Targets

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

Akita Drilling Stock Down 0.8%

The business has a 50 day simple moving average of C$3.82. The stock has a market cap of C$209.86 million, a PE ratio of -26.07 and a beta of 0.37.

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

Akita Drilling Company Profile

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.