Abraxas Petroleum Corporation (NASDAQ:AXAS) was the recipient of a significant increase in short interest during the month of December. As of December 29th, there was short interest totalling 2,537,615 shares, an increase of 58.0% from the December 15th total of 1,606,072 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily volume of 1,814,525 shares, the short-interest ratio is presently 1.4 days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AXAS. Rhumbline Advisers raised its position in Abraxas Petroleum by 6.1% during the 2nd quarter. Rhumbline Advisers now owns 162,768 shares of the energy company’s stock valued at $264,000 after purchasing an additional 9,300 shares during the last quarter. Wells Fargo & Company MN raised its position in Abraxas Petroleum by 56.7% during the 2nd quarter. Wells Fargo & Company MN now owns 322,978 shares of the energy company’s stock valued at $523,000 after purchasing an additional 116,912 shares during the last quarter. Alliancebernstein L.P. raised its position in Abraxas Petroleum by 47.4% during the 2nd quarter. Alliancebernstein L.P. now owns 150,200 shares of the energy company’s stock valued at $243,000 after purchasing an additional 48,300 shares during the last quarter. Teachers Advisors LLC raised its position in Abraxas Petroleum by 6.2% during the 2nd quarter. Teachers Advisors LLC now owns 270,123 shares of the energy company’s stock valued at $438,000 after purchasing an additional 15,828 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Abraxas Petroleum by 114.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,184,780 shares of the energy company’s stock valued at $1,919,000 after purchasing an additional 632,370 shares during the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.

Abraxas Petroleum (NASDAQ:AXAS) opened at $2.62 on Friday. The company has a market capitalization of $434.63, a P/E ratio of 29.11 and a beta of 1.42. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. Abraxas Petroleum has a 52-week low of $1.45 and a 52-week high of $2.88.

Abraxas Petroleum (NASDAQ:AXAS) last released its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $24.70 million for the quarter, compared to the consensus estimate of $25.38 million. Abraxas Petroleum had a net margin of 18.83% and a return on equity of 17.00%. The company’s revenue for the quarter was up 76.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) EPS. equities research analysts forecast that Abraxas Petroleum will post 0.14 earnings per share for the current fiscal year.

Several equities research analysts have issued reports on AXAS shares. Robert W. Baird raised Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price target for the company in a research note on Tuesday, December 19th. Zacks Investment Research lowered Abraxas Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Stifel Nicolaus set a $2.00 price target on Abraxas Petroleum and gave the stock a “buy” rating in a research note on Thursday, October 5th. Finally, BidaskClub raised Abraxas Petroleum from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $2.45.

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About Abraxas Petroleum

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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