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

Major Drilling Group International Inc. (TSE:MDI)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$11.95 and traded as high as C$15.48. Major Drilling Group International shares last traded at C$15.46, with a volume of 135,198 shares trading hands.

Analysts Set New Price Targets

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

Major Drilling Group International Price Performance

The stock has a market capitalization of C$1.27 billion, a P/E ratio of 81.37, a price-to-earnings-growth ratio of 3.45 and a beta of 1.51. The business’s 50 day simple moving average is C$14.01 and its two-hundred day simple moving average is C$11.95. The company has a quick ratio of 1.92, a current ratio of 3.59 and a debt-to-equity ratio of 1.17.

Insiders Place Their Bets

In related news, insider Benjamin Luke Graham sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of C$16.32, for a total value of C$163,200.00. Insiders own 0.32% of the company’s stock.

Major Drilling Group International Company Profile

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.