Canaccord Genuity Analysts Give Abraxas Petroleum Corp. (AXAS) a $2.00 Price Target
Abraxas Petroleum Corp. (NASDAQ:AXAS) received a $2.00 price target from equities researchers at Canaccord Genuity in a research note issued on Tuesday. The firm currently has a a “buy” rating on the energy company’s stock. Canaccord Genuity’s price target suggests a potential upside of 34.23% from the company’s previous close.
Several other research analysts also recently issued reports on the company. Zacks Investment Research downgraded Abraxas Petroleum Corp. from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. Ladenburg Thalmann started coverage on Abraxas Petroleum Corp. in a research note 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 company. The stock currently has a consensus rating of “Hold” and an average target price of $1.46.
Abraxas Petroleum Corp. (NASDAQ:AXAS) traded up 7.38% during mid-day trading on Tuesday, hitting $1.60. 998,777 shares of the stock were exchanged. The stock has a 50 day moving average price of $1.41 and a 200 day moving average price of $1.22. The company’s market capitalization is $213.59 million. Abraxas Petroleum Corp. has a 1-year low of $0.65 and a 1-year high of $1.95.
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Abraxas Petroleum Corp. (NASDAQ:AXAS) last released its quarterly earnings data on Wednesday, August 10th. The energy company reported ($0.45) earnings per share (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 firm earned $11 million during the quarter, compared to analyst estimates of $18.94 million. The firm’s quarterly revenue was down 41.9% compared to the same quarter last year. On average, equities analysts anticipate that Abraxas Petroleum Corp. will post ($0.11) earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of AXAS. Virginia Retirement Systems ET AL acquired a new position in Abraxas Petroleum Corp. during the second quarter worth about $155,000. Vanguard Group Inc. boosted its position in Abraxas Petroleum Corp. by 5.5% in the second quarter. Vanguard Group Inc. now owns 4,537,404 shares of the energy company’s stock worth $5,127,000 after buying an additional 237,646 shares during the last quarter. 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 last quarter. EAM Investors LLC acquired a new position in Abraxas Petroleum Corp. during the second quarter worth about $1,141,000. Finally, California Public Employees Retirement System boosted its position in Abraxas Petroleum Corp. by 16.0% in the second quarter. California Public Employees Retirement System now owns 1,161,900 shares of the energy company’s stock worth $1,313,000 after buying an additional 160,300 shares during the last quarter. Hedge funds and other institutional investors own 37.98% of the company’s stock.
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.
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