Akita Drilling (TSE:AKT) Shares Climb 3.9% – Still a Buy?

Akita Drilling (TSE:AKT) shares 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 traded hands during mid-day trading, a decline of 69% from the average session volume of 88,695 shares. The stock had previously closed at C$3.34.

Analyst Ratings Changes

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

Akita Drilling Price Performance

The stock has a market cap of C$199.51 million, a P/E ratio of -15.77 and a beta of 0.34. The company’s 50 day moving average price is C$3.72.

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

About Akita Drilling

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.