Abraxas Petroleum Corp. (AXAS) Stock Rating Upgraded by Zacks Investment Research
Abraxas Petroleum Corp. (NASDAQ:AXAS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Abraxas Petroleum Corporation is an independent energy company engaged primarily in the acquisition, exploration, exploitation and production of crude oil and natural gas. They seek to complement their acquisition and development activities by selectively participating in exploration projects with experienced industry partners. “
A number of other equities analysts have also commented on AXAS. Canaccord Genuity reaffirmed a “buy” rating and issued a $2.00 price target on shares of Abraxas Petroleum Corp. in a report on Wednesday, July 13th. Seaport Global Securities raised Abraxas Petroleum Corp. from a “neutral” rating to an “accumulate” rating and set a $2.50 price target for the company in a report on Monday, October 10th. Finally, Ladenburg Thalmann assumed coverage on Abraxas Petroleum Corp. in a report on Wednesday, July 13th. They issued a “buy” rating for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Abraxas Petroleum Corp. currently has an average rating of “Hold” and a consensus target price of $1.61.
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Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) traded down 1.84% during trading on Monday, reaching $1.60. The company’s stock had a trading volume of 215,952 shares. The stock’s market cap is $213.59 million. The stock’s 50-day moving average is $1.58 and its 200-day moving average is $1.29. Abraxas Petroleum Corp. has a 12-month low of $0.65 and a 12-month high of $1.85.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last posted its quarterly earnings results on Wednesday, August 10th. The energy company reported ($0.45) EPS for the quarter. Abraxas Petroleum Corp. had a negative return on equity of 15.56% and a negative net margin of 415.24%. The company earned $11 million during the quarter, compared to the consensus estimate of $18.94 million. The firm’s quarterly revenue was down 41.9% compared to the same quarter last year. Equities research analysts anticipate that Abraxas Petroleum Corp. will post ($0.11) earnings per share for the current fiscal year.
In other Abraxas Petroleum Corp. news, VP Lee T. Billingsley sold 100,000 shares of the firm’s stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $1.68, for a total transaction of $168,000.00. Following the sale, the vice president now owns 230,037 shares in the company, valued at $386,462.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake 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. Cortina Asset Management LLC purchased a new stake in Abraxas Petroleum Corp. during the second quarter worth $4,887,000. BlackRock Institutional Trust Company N.A. increased its stake in Abraxas Petroleum Corp. by 4.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,403,172 shares of the energy company’s stock worth $3,846,000 after buying an additional 154,809 shares during the last quarter. BlackRock Fund Advisors increased its stake 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 last quarter. Finally, Thomson Horstmann & Bryant Inc. increased its stake in Abraxas Petroleum Corp. by 18.5% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 2,222,240 shares of the energy company’s stock worth $2,511,000 after buying an additional 347,100 shares during the last quarter. Institutional investors and hedge funds own 38.00% of the company’s stock.
About Abraxas Petroleum Corp.
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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