Abraxas Petroleum (NASDAQ:AXAS)‘s stock had its “buy” rating restated by Canaccord Genuity in a note issued to investors on Tuesday. They currently have a $4.00 target price on the energy company’s stock. Canaccord Genuity’s price objective indicates a potential upside of 72.41% from the stock’s current price.
A number of other brokerages have also weighed in on AXAS. BidaskClub upgraded Abraxas Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 5th. Stifel Nicolaus increased their price target on shares of Abraxas Petroleum from $3.10 to $3.30 and gave the company a “buy” rating in a report on Tuesday, January 30th. 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 report on Tuesday, December 19th. Finally, Zacks Investment Research downgraded shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Two investment 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 $3.09.
Shares of Abraxas Petroleum (NASDAQ:AXAS) traded down $0.04 during mid-day trading on Tuesday, reaching $2.32. The company’s stock had a trading volume of 157,537 shares, compared to its average volume of 1,071,975. Abraxas Petroleum has a 1-year low of $1.45 and a 1-year high of $2.74. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The stock has a market cap of $391.50, a price-to-earnings ratio of 26.22 and a beta of 1.44.
Institutional investors have recently bought and sold shares of the company. Mangrove Partners purchased a new position in Abraxas Petroleum during the fourth quarter valued at approximately $8,213,000. Heartland Advisors Inc. purchased a new position in Abraxas Petroleum in the fourth quarter worth $4,094,000. Foundry Partners LLC purchased a new position in Abraxas Petroleum in the fourth quarter worth $3,676,000. Vanguard Group Inc. grew its holdings in Abraxas Petroleum by 15.3% in the second quarter. Vanguard Group Inc. now owns 8,322,387 shares of the energy company’s stock worth $13,483,000 after purchasing an additional 1,106,142 shares during the last quarter. Finally, EAM Investors LLC purchased a new position in Abraxas Petroleum in the fourth quarter worth $2,210,000. 51.85% of the stock is owned by hedge funds and other institutional investors.
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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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