Hello, Pat: I bought shares in Akita Drilling six years ago, and although its share price did quite nicely for several years, it has dropped a lot over the past year. I am wondering if it might be worth holding on to until the price rises again in the future. Any feedback would be much appreciated. Thanks.
Akita Drilling, $10.76, symbol AKT.A on Toronto (Shares outstanding: 18.0 million; Market cap: $194.9 million; www.akita-drilling.com), is an oil and gas drilling contractor with 36 rigs operating throughout Western Canada and the northern territories.
The company operates 10 of its rigs through joint ventures it co-owns with its 22 aboriginal partners.
In the three months ended September 30, 2014, Akita’s revenue rose 5.3%, to $36.6 million from $33.1 million a year earlier. Earnings per share gained 5.0%, to $0.21 from $0.20. Akita has no debt.
The stock trades at around 8.1 times Akita’s latest 12 months of earnings. The company will likely keep reporting positive earnings and cash flow, despite falling oil and gas prices and lower drilling activity. That should let it maintain its dividend, which gives the stock a 3.2% yield.
Akita Drilling is okay to hold, but only for aggressive investors. investors…
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