Abraxas Petroleum Corporation (NASDAQ:AXAS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $2.25 price objective on the energy company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 20.32% from the company’s previous close.
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. “
Several other research firms also recently weighed in on AXAS. Stifel Nicolaus reiterated a “buy” rating and set a $2.40 target price on shares of Abraxas Petroleum Corporation in a research report on Friday, July 14th. Canaccord Genuity started coverage on Abraxas Petroleum Corporation in a report on Monday, July 24th. They issued a “buy” rating and a $2.50 price objective on the stock. BidaskClub downgraded Abraxas Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Seaport Global Securities upgraded Abraxas Petroleum Corporation from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $2.00 to $2.50 in a report on Friday, August 11th. Finally, TheStreet upgraded Abraxas Petroleum Corporation from a “d” rating to a “c-” rating in a report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $2.54.
Shares of Abraxas Petroleum Corporation (AXAS) opened at 1.87 on Wednesday. The company has a 50-day moving average of $1.80 and a 200 day moving average of $1.80. Abraxas Petroleum Corporation has a one year low of $1.45 and a one year high of $2.99. The stock has a market capitalization of $303.61 million, a price-to-earnings ratio of 22.26 and a beta of 1.46.
Abraxas Petroleum Corporation (NASDAQ:AXAS) last released its earnings results on Tuesday, August 8th. The energy company reported $0.01 earnings per share 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 analysts’ expectations of $16.70 million. Equities research analysts forecast that Abraxas Petroleum Corporation will post $0.14 earnings per share for the current fiscal year.
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Several large investors have recently made changes to their positions in AXAS. Acadian Asset Management LLC purchased a new stake in shares of Abraxas Petroleum Corporation during the 2nd quarter valued at about $109,000. Susquehanna International Group LLP grew its stake in Abraxas Petroleum Corporation by 73.0% during the 2nd quarter. Susquehanna International Group LLP now owns 67,792 shares of the energy company’s stock valued at $110,000 after purchasing an additional 28,606 shares in the last quarter. Voya Investment Management LLC grew its stake in Abraxas Petroleum Corporation by 24.5% during the 2nd quarter. Voya Investment Management LLC now owns 73,546 shares of the energy company’s stock valued at $119,000 after purchasing an additional 14,483 shares in the last quarter. First Quadrant L P CA acquired a new stake in Abraxas Petroleum Corporation during the 2nd quarter valued at approximately $152,000. Finally, Citigroup Inc. grew its stake in Abraxas Petroleum Corporation by 784.5% during the 2nd quarter. Citigroup Inc. now owns 95,544 shares of the energy company’s stock valued at $155,000 after purchasing an additional 84,742 shares in the last quarter. Institutional investors and hedge funds own 44.49% of the company’s stock.
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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