Abraxas Petroleum Corp. (AXAS) Upgraded by Zacks Investment Research to “Hold”
Abraxas Petroleum Corp. (NASDAQ:AXAS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors 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 analysts also recently issued reports on AXAS. Canaccord Genuity reiterated a “buy” rating and set a $2.00 price target on shares of Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. Seaport Global Securities upgraded Abraxas Petroleum Corp. from a “neutral” rating to an “accumulate” rating and set a $2.50 price target for the company in a research report on Monday, October 10th. Finally, Ladenburg Thalmann assumed coverage on Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. They set a “buy” rating for the company. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $1.61.
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Abraxas Petroleum Corp. (NASDAQ:AXAS) traded down 1.84% on Monday, hitting $1.60. 217,503 shares of the stock were exchanged. Abraxas Petroleum Corp. has a 52-week low of $0.65 and a 52-week high of $1.85. The company has a 50-day moving average price of $1.58 and a 200-day moving average price of $1.29. The firm’s market cap is $213.59 million.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last posted its earnings results on Wednesday, August 10th. The energy company reported ($0.45) earnings per share for the quarter. The company had revenue of $11 million for the quarter, compared to analysts’ expectations of $18.94 million. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. The firm’s revenue was down 41.9% on a year-over-year basis. On average, equities research analysts anticipate that Abraxas Petroleum Corp. will post ($0.11) EPS for the current fiscal year.
In related news, VP Lee T. Billingsley sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $1.68, for a total value of $168,000.00. Following the completion of the sale, the vice president now owns 230,037 shares in the company, valued at approximately $386,462.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in AXAS. Virginia Retirement Systems ET AL purchased a new stake in Abraxas Petroleum Corp. during the second quarter worth $155,000. Teachers Advisors Inc. boosted its position in shares of Abraxas Petroleum Corp. by 16.8% in the second quarter. Teachers Advisors Inc. now owns 171,027 shares of the energy company’s stock worth $193,000 after buying an additional 24,591 shares during the period. Rhumbline Advisers boosted its position in shares of Abraxas Petroleum Corp. by 17.5% in the second quarter. Rhumbline Advisers now owns 174,336 shares of the energy company’s stock worth $197,000 after buying an additional 25,916 shares during the period. TFS Capital LLC bought a new position in shares of Abraxas Petroleum Corp. during the second quarter worth approximately $200,000. Finally, California State Teachers Retirement System boosted its position in shares of Abraxas Petroleum Corp. by 30.2% in the second quarter. California State Teachers Retirement System now owns 258,968 shares of the energy company’s stock worth $293,000 after buying an additional 60,026 shares during the period. Institutional investors 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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