Akita Drilling (TSE:AKT) Issues Quarterly Earnings Results

Akita Drilling (TSE:AKT) announced its earnings results on Thursday. The company reported C($0.05) earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of C$69.18 million for the quarter.

Akita Drilling Stock Performance

Shares of AKT stock traded down C$0.14 during trading hours on Thursday, reaching C$3.37. 119,820 shares of the company traded hands, compared to its average volume of 91,914. The stock’s 50-day moving average price is C$3.78. The stock has a market cap of C$129.48 million, a P/E ratio of -24.07 and a beta of 0.34. Akita Drilling has a 12-month low of C$3.28 and a 12-month high of C$4.18.

Analyst Upgrades and Downgrades

Separately, ATB Cormark Capital Markets downgraded shares of Akita Drilling from a “moderate buy” rating to a “hold” rating and decreased their price target 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, the company presently has a consensus rating of “Hold” and an average target price of C$4.25.

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.