Abraxas Petroleum Corp. (NASDAQ:AXAS) received a $2.00 price objective from stock analysts at Canaccord Genuity in a research report issued on Tuesday. The brokerage presently has a a “buy” rating on the energy company’s stock. Canaccord Genuity’s price target would indicate a potential upside of 34.23% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Abraxas Petroleum Corp. from a “hold” rating to a “buy” rating and set a $1.25 price target for the company in a research report on Monday, August 1st. Ladenburg Thalmann started coverage on shares of Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. They issued a “buy” rating for the company. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $1.46.

Analyst Recommendations for Abraxas Petroleum Corp. (NASDAQ:AXAS)

Abraxas Petroleum Corp. (NASDAQ:AXAS) traded up 7.718% during trading on Tuesday, reaching $1.605. 1,011,610 shares of the company’s stock traded hands. The stock’s market cap is $214.26 million. Abraxas Petroleum Corp. has a one year low of $0.65 and a one year high of $1.95. The firm’s 50 day moving average price is $1.41 and its 200-day moving average price is $1.22.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/abraxas-petroleum-corp-axas-pt-set-at-2-00-by-canaccord-genuity.html

Abraxas Petroleum Corp. (NASDAQ:AXAS) last released its quarterly earnings results on Wednesday, August 10th. The energy company reported ($0.45) EPS for the quarter. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. The business earned $11 million during the quarter, compared to analysts’ expectations of $18.94 million. The company’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, equities analysts anticipate that Abraxas Petroleum Corp. will post ($0.11) earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Cortina Asset Management LLC bought a new position in Abraxas Petroleum Corp. during the second quarter worth $4,887,000. EAM Investors LLC bought a new position in Abraxas Petroleum Corp. during the second quarter worth $1,141,000. BlackRock Fund Advisors boosted its position in Abraxas Petroleum Corp. by 37.0% in the second quarter. BlackRock Fund Advisors now owns 3,195,559 shares of the energy company’s stock worth $3,611,000 after buying an additional 862,756 shares during the period. Argent Capital Management LLC boosted its position in Abraxas Petroleum Corp. by 84.1% in the second quarter. Argent Capital Management LLC now owns 1,582,190 shares of the energy company’s stock worth $1,788,000 after buying an additional 722,675 shares during the period. Finally, UBS Oconnor LLC bought a new position in Abraxas Petroleum Corp. during the second quarter worth $751,000. 37.98% of the stock is currently owned by institutional investors.

Abraxas Petroleum Corp. Company Profile

Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company.

5 Day Chart for NASDAQ:AXAS

Receive News & Ratings for Abraxas Petroleum Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abraxas Petroleum Corp. and related companies with MarketBeat.com's FREE daily email newsletter.