Abraxas Petroleum Corporation (NASDAQ:AXAS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Abraxas Petroleum Corporation is an independent energy company engaged primarily in the acquisition, exploration, exploitation and production of crude oil and natural gas. They seek to complement their acquisition and development activities by selectively participating in exploration projects with experienced industry partners. “
Other analysts have also recently issued reports about the stock. Stifel Nicolaus raised their price target on shares of Abraxas Petroleum Corporation from $2.40 to $2.60 and gave the company a “buy” rating in a report on Thursday, May 25th. Canaccord Genuity began coverage on shares of Abraxas Petroleum Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $2.50 price target for the company. TheStreet raised shares of Abraxas Petroleum Corporation from a “d” rating to a “c-” rating in a research report on Tuesday, August 8th. Seaport Global Securities raised shares of Abraxas Petroleum Corporation from a “neutral” rating to a “buy” rating and raised their price target for the stock from $2.00 to $2.50 in a research report on Friday, August 11th. Finally, BidaskClub lowered shares of Abraxas Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $2.61.
Abraxas Petroleum Corporation (NASDAQ:AXAS) opened at 1.70 on Friday. The company has a 50-day moving average of $1.66 and a 200-day moving average of $1.90. Abraxas Petroleum Corporation has a 12 month low of $1.31 and a 12 month high of $2.99. The stock has a market cap of $276.01 million, a PE ratio of 20.24 and a beta of 1.42.
Abraxas Petroleum Corporation (NASDAQ:AXAS) last issued its earnings results on Tuesday, August 8th. The energy company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.01. Abraxas Petroleum Corporation had a return on equity of 7.68% and a net margin of 18.14%. The business had revenue of $13.15 million for the quarter, compared to the consensus estimate of $16.70 million. On average, equities analysts forecast that Abraxas Petroleum Corporation will post $0.14 EPS for the current fiscal year.
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A number of large investors have recently added to or reduced their stakes in AXAS. State Street Corp boosted its stake in Abraxas Petroleum Corporation by 8.9% in the fourth quarter. State Street Corp now owns 1,770,869 shares of the energy company’s stock worth $4,549,000 after buying an additional 144,078 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Abraxas Petroleum Corporation during the fourth quarter worth about $1,021,000. Metropolitan Life Insurance Co. NY bought a new stake in Abraxas Petroleum Corporation during the fourth quarter worth about $233,000. AQR Capital Management LLC bought a new stake in Abraxas Petroleum Corporation during the fourth quarter worth about $275,000. Finally, Thomson Horstmann & Bryant Inc. boosted its stake in Abraxas Petroleum Corporation by 17.3% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 2,290,711 shares of the energy company’s stock worth $4,627,000 after buying an additional 337,770 shares in the last quarter. 43.41% of the stock is currently owned by hedge funds and other institutional investors.
About Abraxas Petroleum Corporation
Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2016, the Company’s estimated net proved reserves were 44.7 million barrels of oil equivalent (MMBoe), of which 33.6% were classified as proved developed, 74% were oil and natural gas liquids (NGL), and 95% of which (on a PV-10 basis) were operated by the Company.
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