Abraxas Petroleum (AXAS) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Abraxas Petroleum (NASDAQ:AXAS) from a sell rating to a hold rating in a report released on Tuesday morning.

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 have also recently weighed in on AXAS. ValuEngine cut shares of Abraxas Petroleum from a hold rating to a sell rating in a research report on Monday, July 30th. BidaskClub cut shares of Abraxas Petroleum from a hold rating to a sell rating in a research report on Saturday, August 4th. TheStreet cut shares of Abraxas Petroleum from a c rating to a d+ rating in a research report on Wednesday, August 8th. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $3.50 price target on shares of Abraxas Petroleum in a research report on Tuesday, August 28th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Hold and an average target price of $3.83.

AXAS stock opened at $1.63 on Tuesday. The stock has a market cap of $276.57 million, a PE ratio of 8.30 and a beta of 1.22. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.35. Abraxas Petroleum has a 1 year low of $1.58 and a 1 year high of $3.27.

Abraxas Petroleum (NASDAQ:AXAS) last released its quarterly earnings data on Wednesday, November 7th. The energy company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. The company had revenue of $41.63 million for the quarter, compared to analysts’ expectations of $33.37 million. Abraxas Petroleum had a negative net margin of 1.48% and a positive return on equity of 30.57%. As a group, sell-side analysts expect that Abraxas Petroleum will post 0.25 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zebra Capital Management LLC bought a new position in Abraxas Petroleum in the 2nd quarter valued at about $130,000. Salem Investment Counselors Inc. bought a new position in Abraxas Petroleum in the 2nd quarter valued at about $154,000. Cubist Systematic Strategies LLC lifted its position in Abraxas Petroleum by 301.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 56,052 shares of the energy company’s stock valued at $162,000 after acquiring an additional 42,090 shares in the last quarter. Bank of America Corp DE lifted its position in Abraxas Petroleum by 99.1% in the 2nd quarter. Bank of America Corp DE now owns 79,151 shares of the energy company’s stock valued at $228,000 after acquiring an additional 39,393 shares in the last quarter. Finally, LSV Asset Management bought a new position in Abraxas Petroleum in the 2nd quarter valued at about $240,000. 58.93% of the stock is currently owned by institutional investors and hedge funds.

About Abraxas Petroleum

Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of oil and gas properties in the United States. The company operates oil and gas assets in the Permian/Delaware Basin, the Rocky Mountain, and South Texas regions.

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