Stifel Nicolaus Increases Abraxas Petroleum Corp. (AXAS) Price Target to $2.60
Abraxas Petroleum Corp. (NASDAQ:AXAS) had its price objective upped by research analysts at Stifel Nicolaus from $2.40 to $2.60 in a note issued to investors on Thursday. The brokerage presently has a “buy” rating on the energy company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 34.72% from the company’s current price.
Several other research analysts have also issued reports on AXAS. Canaccord Genuity set a $3.00 target price on Abraxas Petroleum Corp. and gave the company a “buy” rating in a research report on Saturday, February 11th. Seaport Global Securities upgraded Abraxas Petroleum Corp. from an “accumulate” rating to a “buy” rating in a research report on Wednesday, February 1st. Finally, Zacks Investment Research upgraded Abraxas Petroleum Corp. from a “hold” rating to a “buy” rating and set a $2.00 target price for the company in a research report on Friday, March 17th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $2.68.
Abraxas Petroleum Corp. (NASDAQ:AXAS) traded up 0.52% during midday trading on Thursday, reaching $1.93. The company’s stock had a trading volume of 2,805,111 shares. The company’s 50-day moving average is $1.93 and its 200 day moving average is $2.15. The firm’s market cap is $313.35 million. Abraxas Petroleum Corp. has a 12-month low of $1.04 and a 12-month high of $2.99.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last announced its earnings results on Tuesday, May 9th. The energy company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. Abraxas Petroleum Corp. had a negative return on equity of 28.12% and a negative net margin of 330.92%. The business had revenue of $18.80 million during the quarter, compared to analyst estimates of $19.87 million. During the same quarter in the previous year, the business earned ($0.01) earnings per share. The company’s revenue for the quarter was up 95.8% compared to the same quarter last year. Equities analysts forecast that Abraxas Petroleum Corp. will post $0.13 earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Abraxas Petroleum Corp. by 42.1% in the first quarter. Vanguard Group Inc. now owns 7,216,245 shares of the energy company’s stock worth $14,577,000 after buying an additional 2,136,606 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Abraxas Petroleum Corp. by 56.2% in the first quarter. JPMorgan Chase & Co. now owns 4,464,294 shares of the energy company’s stock worth $9,018,000 after buying an additional 1,606,737 shares during the last quarter. Formula Growth Ltd. purchased a new stake in shares of Abraxas Petroleum Corp. during the first quarter worth about $5,878,000. Thomson Horstmann & Bryant Inc. raised its stake in shares of Abraxas Petroleum Corp. by 17.3% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 2,290,711 shares of the energy company’s stock worth $4,627,000 after buying an additional 337,770 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Abraxas Petroleum Corp. during the first quarter worth about $3,735,000. Hedge funds and other institutional investors own 35.17% 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. As of December 31, 2016, the Company’s estimated net proved reserves were 44.7 million barrels of oil equivalent (MMBoe), of which 33.6% were classified as proved developed, 74% were oil and natural gas liquids (NGL), and 95% of which (on a PV-10 basis) were operated by the Company.
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