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Akita Drilling (FRA:774) Momentum Rank : 0 (As of May. 25, 2024)


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What is Akita Drilling Momentum Rank?

Akita Drilling has the Momentum Rank of 0.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.

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Akita Drilling (FRA:774) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Akita Drilling Ltd (FRA:774) » Definitions » Momentum Rank
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Traded in Other Exchanges
AKTAF:USA AKT.B:Canada AKT.A:Canada
Address
333-7th Avenue SW, Suite 1000, Calgary, AB, CAN, T2P 2Z1
Website
https://www.akita-drilling.com
Akita Drilling Ltd is a Canadian oil and gas drilling contractor. The company is engaged in providing contract drilling services, primarily to the oil and gas industry, in Canada and the United States. The company owns and operates over 35 drilling rigs. It is also involved in the drilling related to potash mining and the development of storage caverns.

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