$25.63 Million in Sales Expected for Abraxas Petroleum Corporation (AXAS) This Quarter
Analysts expect Abraxas Petroleum Corporation (NASDAQ:AXAS) to report $25.63 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Abraxas Petroleum Corporation’s earnings, with the lowest sales estimate coming in at $24.00 million and the highest estimate coming in at $26.50 million. Abraxas Petroleum Corporation reported sales of $13.98 million during the same quarter last year, which suggests a positive year-over-year growth rate of 83.3%. The company is scheduled to announce its next quarterly earnings report after the market closes on Tuesday, November 7th.
On average, analysts expect that Abraxas Petroleum Corporation will report full year sales of $25.63 million for the current fiscal year, with estimates ranging from $87.90 million to $90.10 million. For the next fiscal year, analysts anticipate that the company will report sales of $130.37 million per share, with estimates ranging from $87.90 million to $163.40 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Abraxas Petroleum Corporation.
Abraxas Petroleum Corporation (NASDAQ:AXAS) last announced its earnings results on Tuesday, August 8th. The energy company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). The company had revenue of $13.15 million for the quarter, compared to the consensus estimate of $16.70 million. Abraxas Petroleum Corporation had a net margin of 18.14% and a return on equity of 7.68%.
A number of equities analysts recently commented on AXAS shares. Stifel Nicolaus reiterated a “buy” rating and set a $2.20 target price on shares of Abraxas Petroleum Corporation in a research note on Sunday, September 3rd. Zacks Investment Research upgraded shares of Abraxas Petroleum Corporation from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a research note on Wednesday, October 11th. Canaccord Genuity reiterated a “buy” rating on shares of Abraxas Petroleum Corporation in a research note on Friday, September 8th. BidaskClub downgraded shares of Abraxas Petroleum Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Seaport Global Securities upgraded shares of Abraxas Petroleum Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $2.00 to $2.50 in a research note on Friday, August 11th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $2.31.
Several hedge funds have recently modified their holdings of AXAS. Vanguard Group Inc. grew its stake in shares of Abraxas Petroleum Corporation by 42.1% during the first quarter. Vanguard Group Inc. now owns 7,216,245 shares of the energy company’s stock worth $14,577,000 after purchasing an additional 2,136,606 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Abraxas Petroleum Corporation during the first quarter worth $3,735,000. Point72 Asset Management L.P. acquired a new position in shares of Abraxas Petroleum Corporation during the first quarter worth $2,596,000. AQR Capital Management LLC grew its stake in shares of Abraxas Petroleum Corporation by 1,098.1% during the first quarter. AQR Capital Management LLC now owns 1,282,945 shares of the energy company’s stock worth $2,591,000 after purchasing an additional 1,175,864 shares in the last quarter. Finally, QS Investors LLC grew its stake in shares of Abraxas Petroleum Corporation by 1,359.7% during the second quarter. QS Investors LLC now owns 835,665 shares of the energy company’s stock worth $1,354,000 after purchasing an additional 778,417 shares in the last quarter. Hedge funds and other institutional investors own 44.46% of the company’s stock.
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Shares of Abraxas Petroleum Corporation (NASDAQ:AXAS) opened at 2.00 on Friday. The stock’s 50 day moving average price is $1.86 and its 200 day moving average price is $1.80. Abraxas Petroleum Corporation has a one year low of $1.45 and a one year high of $2.99. The stock has a market cap of $324.71 million, a price-to-earnings ratio of 23.81 and a beta of 1.46.
About Abraxas Petroleum Corporation
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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