Akita Drilling (TSE:AKT) Issues Earnings Results

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

Akita Drilling Stock Performance

TSE:AKT traded up C$0.08 during trading hours on Friday, reaching C$3.45. 53,055 shares of the company traded hands, compared to its average volume of 91,462. The firm’s 50-day simple moving average is C$3.76. The stock has a market capitalization of C$198.36 million, a PE ratio of -24.64 and a beta of 0.34. Akita Drilling has a 1-year low of C$3.28 and a 1-year high of C$4.18.

Wall Street Analyst Weigh In

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