AKITA Drilling (TSE:AKT.A) Trading 29.3% Higher – Here’s What Happened

Shares of AKITA Drilling Ltd. (TSE:AKT.A) shot up 29.3% during mid-day trading on Tuesday . The company traded as high as C$3.40 and last traded at C$3.18. Approximately 178,091 shares were traded during trading, an increase of 418% from the average session volume of 34,386 shares. The stock had previously closed at C$2.46.

Analyst Upgrades and Downgrades

Separately, ATB Cormark Capital Markets lowered their price target on shares of AKITA Drilling from C$2.50 to C$2.25 and set a “sector perform” rating for the company in a report on Friday, December 19th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of C$2.25.

AKITA Drilling Price Performance

The business has a 50-day moving average of C$2.12 and a 200 day moving average of C$2.04. The company has a market capitalization of C$119.35 million, a PE ratio of 5.47, a P/E/G ratio of -0.69 and a beta of 0.92. The company has a debt-to-equity ratio of 33.94, a current ratio of 1.69 and a quick ratio of 1.54.

AKITA Drilling Company Profile

AKITA is a premier Canadian oil and gas drilling contractor with a fleet of 32 drilling rigs. AKITA provides contract drilling services through two geographical segments: Canada and the United States (“US”). AKITA’s US fleet is supported out of its operations base in Midland, Texas and is comprised of 13 high specification AC triple rigs, one high specification AC double rig and one DC triple rig, primarily serving the Permian Basin, which is the most active basin in the US and currently supports approximately half of all US land drilling.