Abraxas Petroleum Corp. Short Interest Up 31.9% in August (AXAS)
Abraxas Petroleum Corp. (NASDAQ:AXAS) saw a large increase in short interest in August. As of August 15th, there was short interest totalling 11,184,547 shares, an increase of 31.9% from the July 31st total of 8,477,574 shares, AmericanBankingNews.com reports. Approximately 11.5% of the company’s shares are sold short. Based on an average trading volume of 3,041,408 shares, the days-to-cover ratio is presently 3.7 days.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Abraxas Petroleum Corp. from a “neutral” rating to an “outperform” rating in a research note on Wednesday, August 6th. They now have a $6.50 price target on the stock. Separately, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Abraxas Petroleum Corp. in a research note on Wednesday, July 2nd. They now have a $7.00 price target on the stock, up previously from $6.00. Finally, analysts at Canaccord Genuity raised their price target on shares of Abraxas Petroleum Corp. from $5.75 to $6.00 in a research note on Friday, June 20th. They now have a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $5.96.
Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 5.83 on Friday. Abraxas Petroleum Corp. has a 52-week low of $2.43 and a 52-week high of $6.45. The stock has a 50-day moving average of $5.56 and a 200-day moving average of $4.86. The company has a market cap of $607.8 million and a price-to-earnings ratio of 14.46.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last released its earnings data on Wednesday, August 6th. The company reported $0.11 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.08 by $0.03. The company had revenue of $33.60 million for the quarter, compared to the consensus estimate of $30.97 million. Abraxas Petroleum Corp.’s revenue was up 56.3% compared to the same quarter last year. Analysts expect that Abraxas Petroleum Corp. will post $0.48 EPS 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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