Abraxas Petroleum Corp. Trading Up 10.5% After Analyst Upgrade (AXAS)
Abraxas Petroleum Corp. (NASDAQ:AXAS) shares shot up 10.5% during mid-day trading on Thursday after Canaccord Genuity raised their price target on the stock from $5.50 to $5.75, Analyst Ratings Network reports. Canaccord Genuity currently has a buy rating on the stock. Abraxas Petroleum Corp. traded as high as $5.23 and last traded at $5.14, with a volume of 3,853,565 shares changing hands. The stock had previously closed at $4.65.
Several other analysts have also recently commented on the stock. Analysts at SunTrust upgraded shares of Abraxas Petroleum Corp. from a “neutral” rating to a “buy” rating in a research note on Thursday. They now have a $6.00 price target on the stock, up previously from $5.00. They noted that the move was a valuation call. Separately, analysts at Imperial Capital reiterated an “in-line” rating on shares of Abraxas Petroleum Corp. in a research note on Thursday, May 22nd. They now have a $5.25 price target on the stock, down previously from $5.75. Finally, analysts at Robert W. Baird raised their price target on shares of Abraxas Petroleum Corp. from $5.00 to $6.00 in a research note on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $5.20.
The stock’s 50-day moving average is $5.13 and its 200-day moving average is $3.89. The company has a market cap of $475.9 million and a P/E ratio of 10.36.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last announced its earnings results on Thursday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $25.90 million for the quarter, compared to the consensus estimate of $24.03 million. On average, analysts predict that Abraxas Petroleum Corp. will post $0.36 earnings per share for the current fiscal year.
Abraxas Petroleum Corporation is an independent energy company primarily engaged in the acquisition, exploitation, development and production of oil and gas in the United States and Canada.
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