Abraxas Petroleum Corp. (AXAS) Expected to Announce Quarterly Sales of $29.70 Million

Brokerages expect Abraxas Petroleum Corp. (NASDAQ:AXAS) to report sales of $29.70 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Abraxas Petroleum’s earnings. The highest sales estimate is $30.40 million and the lowest is $29.00 million. Abraxas Petroleum reported sales of $22.01 million in the same quarter last year, which would suggest a positive year over year growth rate of 34.9%. The business is expected to report its next quarterly earnings report before the market opens on Wednesday, March 14th.

On average, analysts expect that Abraxas Petroleum will report full-year sales of $29.70 million for the current fiscal year, with estimates ranging from $85.00 million to $87.10 million. For the next year, analysts anticipate that the company will report sales of $174.50 million per share, with estimates ranging from $161.00 million to $195.80 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Abraxas Petroleum.

Several research analysts recently weighed in on AXAS shares. Stifel Nicolaus increased their target price on Abraxas Petroleum from $3.10 to $3.30 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. BidaskClub lowered Abraxas Petroleum from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 30th. Canaccord Genuity reaffirmed a “buy” rating and issued a $3.00 target price on shares of Abraxas Petroleum in a research report on Wednesday, January 24th. Zacks Investment Research lowered Abraxas Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Finally, Robert W. Baird raised Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 target price on the stock in a research report on Tuesday, December 19th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $2.81.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Citadel Advisors LLC raised its position in Abraxas Petroleum by 159.8% in the fourth quarter. Citadel Advisors LLC now owns 51,969 shares of the energy company’s stock valued at $128,000 after purchasing an additional 31,969 shares during the period. Virtu Financial LLC raised its position in Abraxas Petroleum by 127.0% in the fourth quarter. Virtu Financial LLC now owns 319,870 shares of the energy company’s stock valued at $787,000 after purchasing an additional 178,985 shares during the period. BlackRock Inc. raised its position in Abraxas Petroleum by 1.0% in the fourth quarter. BlackRock Inc. now owns 10,925,084 shares of the energy company’s stock valued at $26,876,000 after purchasing an additional 105,500 shares during the period. Wells Fargo & Company MN raised its position in Abraxas Petroleum by 20.5% in the fourth quarter. Wells Fargo & Company MN now owns 446,488 shares of the energy company’s stock valued at $1,099,000 after purchasing an additional 75,826 shares during the period. Finally, Bailard Inc. purchased a new position in Abraxas Petroleum in the fourth quarter valued at about $424,000. 46.89% of the stock is currently owned by institutional investors and hedge funds.

Abraxas Petroleum (NASDAQ AXAS) opened at $2.20 on Monday. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $364.96, a price-to-earnings ratio of 24.45 and a beta of 1.39. Abraxas Petroleum has a 52 week low of $1.45 and a 52 week high of $2.74.

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Abraxas Petroleum 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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