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Research analysts at Canaccord Genuity upped their price target on shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) from $5.75 to $6.00 in a report released on Friday. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s target price would indicate a potential upside of 7.53% from the stock’s previous close.

Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) traded up 6.90% during mid-day trading on Friday, hitting $5.58. The stock had a trading volume of 15,116,839 shares. Abraxas Petroleum Corp. has a 1-year low of $2.01 and a 1-year high of $5.80. The stock’s 50-day moving average is $5.15 and its 200-day moving average is $4.03. The company has a market cap of $516.6 million and a price-to-earnings ratio of 11.63. Abraxas Petroleum Corp. also was the recipient of unusually large options trading on Wednesday. Stock investors bought 7,953 put options on the company. This is an increase of 1,893% compared to the typical volume of 399 put options.

Abraxas Petroleum Corp. (NASDAQ:AXAS) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.07 EPS for the quarter, beating the Thomson Reuters 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 $0.41 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at SunTrust raised their price target on shares of Abraxas Petroleum Corp. from $6.00 to $6.50 in a research note on Thursday. Finally, 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. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Abraxas Petroleum Corp. presently has a consensus rating of “Hold” and an average target price of $5.33.

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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