Akita Drilling (TSE:AKT) Stock Price Passes Above 50 Day Moving Average – Should You Sell?

Akita Drilling (TSE:AKT)’s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$0.00 and traded as high as C$4.11. Akita Drilling shares last traded at C$4.01, with a volume of 111,803 shares traded.

Wall Street Analysts Forecast Growth

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

Akita Drilling Stock Up 2.3%

The company has a market capitalization of C$230.56 million, a P/E ratio of -28.64 and a beta of -0.15.

Akita Drilling (TSE:AKT) last announced its quarterly earnings data 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 during 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.