Abraxas Petroleum Corporation (NASDAQ:AXAS) was upgraded by equities researchers at Seaport Global Securities from a “neutral” rating to a “buy” rating in a report released on Friday, MarketBeat reports. The brokerage presently has a $2.50 price objective on the energy company’s stock, up from their previous price objective of $2.00. Seaport Global Securities’ target price points to a potential upside of 47.93% from the stock’s current price.
Several other equities analysts have also commented on AXAS. Stifel Nicolaus increased their price objective on shares of Abraxas Petroleum Corporation from $2.40 to $2.60 and gave the company a “buy” rating in a research report on Thursday, May 25th. Zacks Investment Research upgraded shares of Abraxas Petroleum Corporation from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a report on Monday, May 29th. Canaccord Genuity restated a “buy” rating and issued a $3.00 target price on shares of Abraxas Petroleum Corporation in a report on Tuesday, July 4th. BidaskClub downgraded shares of Abraxas Petroleum Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, TheStreet raised shares of Abraxas Petroleum Corporation from a “d” rating to a “c-” rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $2.69.
Abraxas Petroleum Corporation (NASDAQ:AXAS) traded up 4.97% on Friday, reaching $1.69. 1,851,508 shares of the company were exchanged. Abraxas Petroleum Corporation has a 12-month low of $1.29 and a 12-month high of $2.99. The firm has a 50-day moving average of $1.63 and a 200 day moving average of $1.93. The firm has a market capitalization of $274.38 million, a P/E ratio of 20.12 and a beta of 1.42.
Abraxas Petroleum Corporation (NASDAQ:AXAS) last announced its quarterly earnings data on Tuesday, August 8th. The energy company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.01. The firm had revenue of $13.15 million during the quarter, compared to analysts’ expectations of $16.70 million. Abraxas Petroleum Corporation had a return on equity of 10.15% and a net margin of 18.14%. On average, equities analysts predict that Abraxas Petroleum Corporation will post $0.13 earnings per share for the current year.
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Large investors have recently modified their holdings of the company. CAPROCK Group Inc. bought a new stake in shares of Abraxas Petroleum Corporation during the first quarter valued at approximately $107,000. Acadian Asset Management LLC acquired a new stake in Abraxas Petroleum Corporation during the second quarter worth about $109,000. Croft Leominster Inc. acquired a new stake in Abraxas Petroleum Corporation during the first quarter worth about $143,000. First Quadrant L P CA acquired a new stake in Abraxas Petroleum Corporation during the second quarter worth about $152,000. Finally, Citigroup Inc. raised its stake in Abraxas Petroleum Corporation by 784.5% in the second quarter. Citigroup Inc. now owns 95,544 shares of the energy company’s stock worth $155,000 after buying an additional 84,742 shares during the last quarter. 43.35% of the stock is owned by institutional investors.
Abraxas Petroleum Corporation Company Profile
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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