Akita Drilling (TSE:AKT) Stock Jumps 3.9% – Still a Buy?

Akita Drilling (TSE:AKT)’s stock price shot up 3.9% during mid-day trading on Thursday. The stock traded as high as C$3.54 and last traded at C$3.47. 27,727 shares changed hands during trading, a decline of 69% from the average session volume of 88,695 shares. The stock had previously closed at C$3.34.

Analyst Upgrades and Downgrades

Separately, ATB Cormark Capital Markets raised Akita Drilling from a “hold” rating to a “moderate buy” rating in a report on Friday, November 6th. One investment analyst has rated the stock with a Buy rating. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of C$4.25.

Akita Drilling Stock Performance

The firm has a 50-day moving average of C$3.72. The stock has a market cap of C$199.51 million, a PE ratio of -15.77 and a beta of 0.34.

Akita Drilling (TSE:AKT) last announced its earnings results on Thursday, November 5th. The company reported C($0.05) earnings per share for the quarter. The company had revenue of C$69.18 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.