Abraxas Petroleum Corporation (AXAS) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Abraxas Petroleum Corporation (NASDAQ:AXAS) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

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 equities analysts also recently commented on AXAS. Canaccord Genuity initiated coverage on Abraxas Petroleum Corporation in a research report on Monday, July 24th. They issued a buy rating and a $2.50 target price on the stock. BidaskClub downgraded Abraxas Petroleum Corporation from a hold rating to a sell rating in a research report on Saturday, August 5th. TheStreet raised Abraxas Petroleum Corporation from a d rating to a c- rating in a research report on Tuesday, August 8th. Seaport Global Securities raised Abraxas Petroleum Corporation from a neutral rating to a buy rating and upped their target price for the company from $2.00 to $2.50 in a research report on Friday, August 11th. Finally, Stifel Nicolaus reissued a buy rating and set a $2.20 price target on shares of Abraxas Petroleum Corporation in a research report on Sunday, September 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $2.31.

Abraxas Petroleum Corporation (NASDAQ AXAS) traded up $0.05 during trading on Wednesday, hitting $2.09. The stock had a trading volume of 1,223,609 shares, compared to its average volume of 1,629,028. Abraxas Petroleum Corporation has a 52 week low of $1.45 and a 52 week high of $2.99. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $338.42, a P/E ratio of 23.11 and a beta of 1.44.

Abraxas Petroleum Corporation (NASDAQ:AXAS) last posted its earnings results on Tuesday, November 7th. The energy company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). Abraxas Petroleum Corporation had a net margin of 18.83% and a return on equity of 17.00%. The firm had revenue of $24.70 million during the quarter, compared to analyst estimates of $25.38 million. During the same period in the previous year, the company posted ($0.02) EPS. Abraxas Petroleum Corporation’s revenue for the quarter was up 76.4% compared to the same quarter last year. sell-side analysts predict that Abraxas Petroleum Corporation will post 0.14 EPS for the current year.

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Several hedge funds have recently modified their holdings of AXAS. Acadian Asset Management LLC acquired a new stake in shares of Abraxas Petroleum Corporation in the 2nd quarter valued at $109,000. Susquehanna International Group LLP boosted its holdings in shares of Abraxas Petroleum Corporation by 73.0% in 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 boosted its holdings in shares of Abraxas Petroleum Corporation by 24.5% in 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. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Abraxas Petroleum Corporation by 149.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 67,101 shares of the energy company’s stock valued at $126,000 after purchasing an additional 40,200 shares in the last quarter. Finally, First Quadrant L P CA acquired a new stake in shares of Abraxas Petroleum Corporation in the 2nd quarter valued at $152,000. 43.58% of the stock is currently owned by hedge funds and other 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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