Very good Q4 operating days and major shareholder changes As i wrote on the DRX board, i came back from vacation a few days ago.I won't be as active for a while since one of my family member is battling for his life at the hospital.I won't go in details with this matters.
One of the rare thing i keep tracking during my vacations was the Canadian operating days of Akita.
Here are the final numbers for Q4 and previous quarters.
Data of the last 11 quarters in Canada
Q1 2022 = 722
Q2 2022 =569
Q3 2022 = 644
Q4 2022 = 583
Q1 2023 = 720
Q2 2023 = 471
Q3 2023 = 583
Q4 2023 = 465
Q1 2024 = 649
Q2 2024 = 473
Q3 2024 = 698
Q4 came in at 903.Yes you read me right 903 operating days.
That's good for 58%.Factor in the moving days witch gets paid at
about 70% of drilling days, Akita should have a very good Q4
Akita will/should have double digits EPS in Q4.
It will show higher utilisation days then the industry.
On Dec. 15th Akita was running 13 rigs.It trickle down to 4
on dec. 31st because of the Xmas shutdown.
This friday, Akita started to bring back rigs to work.
They were at 8( 5 drilling and 3 on the move).
Hopefully, they can get back to 12 or 13 in the coming weeks
At 903, this was and by far the best quarter of the last 3 years.
In the USA
Q1 2024 = 719
Q2 2024 = 623
Q3 2024 = 713
Akita will be atround 1000 in Q4.
I also noticed that Foyston recently reduced it's position by 527,500
shares(now owning only 3.5% of the shares).
The good news is that at the same time, Aegis bought 776,449 shares taking their position to 6,721,734 shares or 17.7%.
It looks like i am not the only one believing in the massive undervaluation of Akita.Nice to see Aegis upping it's position as a major shareholder.
There will be a day when some market participants take notice of the deep discount and ultra low multiples at witch it is trading.
Wishing you all readers and posters good investment decisions in 2025but more importantly, health and happiness.