Abraxas Petroleum Corporation (NASDAQ:AXAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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 topic of a number of other research reports. TheStreet raised shares of Abraxas Petroleum Corporation from a “d” rating to a “c-” rating in a report on Tuesday, August 8th. Seaport Global Securities raised shares of Abraxas Petroleum Corporation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $2.00 to $2.50 in a report on Friday, August 11th. Stifel Nicolaus set a $2.00 target price on shares of Abraxas Petroleum Corporation and gave the stock a “buy” rating in a report on Thursday, October 5th. BidaskClub cut shares of Abraxas Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Abraxas Petroleum Corporation in a report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $2.31.

Shares of Abraxas Petroleum Corporation (AXAS) traded down $0.04 during mid-day trading on Wednesday, hitting $2.08. 1,262,900 shares of the stock traded hands, compared to its average volume of 1,633,493. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. Abraxas Petroleum Corporation has a twelve month low of $1.45 and a twelve month high of $2.99. The company has a market capitalization of $351.69, a PE ratio of 23.56 and a beta of 1.44.

Abraxas Petroleum Corporation (NASDAQ:AXAS) last issued its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). Abraxas Petroleum Corporation had a return on equity of 17.00% and a net margin of 18.83%. The company had revenue of $24.70 million for the quarter, compared to the consensus estimate of $25.38 million. During the same period in the previous year, the business posted ($0.02) EPS. The business’s revenue for the quarter was up 76.4% on a year-over-year basis. equities research analysts expect that Abraxas Petroleum Corporation will post 0.16 earnings per share for the current fiscal year.

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Several large investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC increased its stake in shares of Abraxas Petroleum Corporation by 106.5% in the third quarter. Cubist Systematic Strategies LLC now owns 81,798 shares of the energy company’s stock valued at $154,000 after purchasing an additional 42,188 shares during the period. Cornerstone Capital Management Holdings LLC. increased its stake in shares of Abraxas Petroleum Corporation by 160.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 173,500 shares of the energy company’s stock valued at $326,000 after purchasing an additional 106,800 shares during the period. OxFORD Asset Management LLP increased its stake in shares of Abraxas Petroleum Corporation by 65.8% in the third quarter. OxFORD Asset Management LLP now owns 410,831 shares of the energy company’s stock valued at $809,000 after purchasing an additional 163,022 shares during the period. Formula Growth Ltd. increased its stake in shares of Abraxas Petroleum Corporation by 7.2% in the third quarter. Formula Growth Ltd. now owns 3,714,682 shares of the energy company’s stock valued at $6,984,000 after purchasing an additional 250,000 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Abraxas Petroleum Corporation by 311.3% in the third quarter. Dimensional Fund Advisors LP now owns 86,128 shares of the energy company’s stock valued at $162,000 after purchasing an additional 65,188 shares during the period. Institutional investors own 43.58% of the company’s stock.

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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