Abraxas Petroleum Corp. Trading 2.9% Higher on Analyst Upgrade (AXAS)
Abraxas Petroleum Corp. (NASDAQ:AXAS)’s share price rose 2.9% on Friday after SunTrust raised their price target on the stock from $6.00 to $6.50, AnalystRatings.Net reports. The company traded as high as $5.47 and last traded at $5.37, with a volume of 3,022,524 shares traded. The stock had previously closed at $5.22.
A number of other firms have also recently commented on AXAS. Analysts at Canaccord Genuity raised their price target on shares of Abraxas Petroleum Corp. from $5.50 to $5.75 in a research note on Thursday, June 5th. They now have a “buy” rating on the stock. 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. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Abraxas Petroleum Corp. presently has a consensus rating of “Hold” and a consensus price target of $5.28.
The stock has a 50-day moving average of $5.15 and a 200-day moving average of $4.03. The company has a market cap of $499.5 million and a P/E ratio of 11.63. Abraxas Petroleum Corp. also was the target of unusually large options trading on Wednesday. Stock investors acquired 7,953 put options on the company. This is an increase of approximately 1,893% compared to the average daily volume of 399 put options.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, beating the analysts’ 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.
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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