Abraxas Petroleum Corporation (AXAS) Upgraded to Buy at Zacks Investment Research
Abraxas Petroleum Corporation (NASDAQ:AXAS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $2.25 price objective on the energy company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 16.58% from the stock’s current price.
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. “
AXAS has been the subject of several other research reports. Seaport Global Securities cut Abraxas Petroleum Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $3.25 to $2.00 in a research note on Wednesday, June 21st. TheStreet raised Abraxas Petroleum Corporation from a “d” rating to a “c-” rating in a research note on Tuesday, August 8th. Stifel Nicolaus set a $2.00 target price on Abraxas Petroleum Corporation and gave the stock a “buy” rating in a research note on Thursday, October 5th. BidaskClub cut Abraxas Petroleum Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Abraxas Petroleum Corporation in a research note on Friday, September 8th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Abraxas Petroleum Corporation has a consensus rating of “Buy” and a consensus price target of $2.54.
Abraxas Petroleum Corporation (NASDAQ AXAS) traded up 1.05% during trading on Wednesday, hitting $1.93. The stock had a trading volume of 495,240 shares. The firm has a market capitalization of $316.23 million, a P/E ratio of 13.79 and a beta of 1.46. Abraxas Petroleum Corporation has a one year low of $1.45 and a one year high of $2.99. The stock has a 50 day moving average of $1.79 and a 200 day moving average of $1.80.
Abraxas Petroleum Corporation (NASDAQ:AXAS) last released its earnings results on Tuesday, August 8th. The energy company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.02 by ($0.01). Abraxas Petroleum Corporation had a return on equity of 7.68% and a net margin of 18.14%. The business had revenue of $13.15 million for the quarter, compared to analyst estimates of $16.70 million. Equities research analysts expect that Abraxas Petroleum Corporation will post $0.14 earnings per share for the current fiscal year.
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Large investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. boosted its holdings in Abraxas Petroleum Corporation by 35.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 565,819 shares of the energy company’s stock worth $1,143,000 after acquiring an additional 149,062 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Abraxas Petroleum Corporation 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 acquiring an additional 2,136,606 shares in the last quarter. Oxford Asset Management bought a new position in Abraxas Petroleum Corporation in the first quarter worth approximately $261,000. Tudor Investment Corp ET AL boosted its holdings in Abraxas Petroleum Corporation by 92.2% in the first quarter. Tudor Investment Corp ET AL now owns 79,586 shares of the energy company’s stock worth $161,000 after acquiring an additional 38,179 shares in the last quarter. Finally, Citadel Advisors LLC boosted its holdings in Abraxas Petroleum Corporation by 716.8% in the first quarter. Citadel Advisors LLC now owns 415,792 shares of the energy company’s stock worth $840,000 after acquiring an additional 364,890 shares in the last quarter. Institutional investors and hedge funds own 44.49% of the company’s stock.
Abraxas Petroleum Corporation 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. 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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