Abraxas Petroleum Corporation (AXAS) Sees Large Decline in Short Interest

Abraxas Petroleum Corporation (NASDAQ:AXAS) was the target of a significant decrease in short interest during the month of January. As of January 12th, there was short interest totalling 1,926,502 shares, a decrease of 24.1% from the December 29th total of 2,537,615 shares. Approximately 1.2% of the company’s stock are sold short. Based on an average daily trading volume, of 1,374,386 shares, the days-to-cover ratio is currently 1.4 days.

Institutional investors have recently made changes to their positions in the stock. Susquehanna International Group LLP raised its position in shares of Abraxas Petroleum by 73.0% in the 2nd quarter. Susquehanna International Group LLP now owns 67,792 shares of the energy company’s stock valued at $110,000 after purchasing an additional 28,606 shares during the last quarter. Voya Investment Management LLC raised its position in shares of Abraxas Petroleum by 24.5% in the 2nd quarter. Voya Investment Management LLC now owns 73,546 shares of the energy company’s stock valued at $119,000 after purchasing an additional 14,483 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Abraxas Petroleum by 149.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 67,101 shares of the energy company’s stock valued at $126,000 after purchasing an additional 40,200 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Abraxas Petroleum by 106.5% in the 3rd 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 last quarter. Finally, Citigroup Inc. raised its position in shares of Abraxas Petroleum by 784.5% in the 2nd quarter. Citigroup Inc. now owns 95,544 shares of the energy company’s stock valued at $155,000 after purchasing an additional 84,742 shares during the last quarter. 46.02% of the stock is owned by hedge funds and other institutional investors.

Abraxas Petroleum (AXAS) opened at $2.47 on Monday. The company has a market cap of $409.75, a P/E ratio of 27.44 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. Abraxas Petroleum has a 1 year low of $1.45 and a 1 year high of $2.74.

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

Several analysts have commented on AXAS shares. Robert W. Baird raised shares of Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price target for the company in a research report on Tuesday, December 19th. Zacks Investment Research lowered shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. BidaskClub raised shares of Abraxas Petroleum from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. Stifel Nicolaus set a $2.00 price target on shares of Abraxas Petroleum and gave the company a “buy” rating in a research report on Thursday, October 5th. Finally, Canaccord Genuity reissued a “buy” rating and set a $3.00 price target on shares of Abraxas Petroleum in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $2.55.

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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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