Major Drilling Group International (TSE:MDI) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Major Drilling Group International Inc. (TSE:MDI) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$10.75 and traded as high as C$13.64. Major Drilling Group International shares last traded at C$13.24, with a volume of 93,717 shares.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MDI shares. Royal Bank Of Canada increased their target price on Major Drilling Group International from C$14.00 to C$17.00 in a research report on Tuesday, December 16th. TD Securities upped their price objective on shares of Major Drilling Group International from C$13.00 to C$16.00 and gave the company a “buy” rating in a research note on Friday, December 5th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of C$16.50.

Major Drilling Group International Stock Down 3.2%

The firm has a market capitalization of C$1.09 billion, a PE ratio of 69.68, a price-to-earnings-growth ratio of 3.45 and a beta of 1.00. The company has a current ratio of 3.59, a quick ratio of 1.92 and a debt-to-equity ratio of 1.17. The firm has a 50-day moving average of C$12.77 and a two-hundred day moving average of C$10.75.

Insider Activity at Major Drilling Group International

In other news, insider John Ross Davies sold 20,000 shares of Major Drilling Group International stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of C$11.79, for a total value of C$235,800.00. 0.32% of the stock is currently owned by company insiders.

About Major Drilling Group International

Major Drilling Group International Inc is engaged in the business of contract drilling, and it provides services to companies that are involved in mining and mineral exploration. It offers surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, and underground percussive/long-hole drilling services, as well as various drilling-related mine services. Its geographical segments are Canada – the United States; South and Central America; and Asia and Africa, of which most of its revenue comes from Canada – the United States.