Abraxas Petroleum Corp. (AXAS) Downgraded to “Strong Sell” at Zacks Investment Research
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 subject of a number of other reports. Canaccord Genuity reaffirmed a buy rating on shares of Abraxas Petroleum Corp. in a research report on Wednesday, June 22nd. Ladenburg Thalmann initiated coverage on shares of Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. They set a buy rating for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $1.46.
Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.62 on Tuesday. Abraxas Petroleum Corp. has a 12-month low of $0.65 and a 12-month high of $1.95. The stock’s market capitalization is $216.26 million. The company has a 50-day moving average price of $1.46 and a 200-day moving average price of $1.24.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last announced its quarterly earnings results on Wednesday, August 10th. The energy company reported ($0.45) earnings per share for the quarter. Abraxas Petroleum Corp. had a negative return on equity of 15.56% and a negative net margin of 415.24%. The business had revenue of $11 million for the quarter, compared to analysts’ expectations of $18.94 million. The firm’s revenue for the quarter was down 41.9% on a year-over-year basis. On average, equities research analysts forecast that Abraxas Petroleum Corp. will post ($0.11) earnings per share for the current year.
Several institutional investors have recently modified their holdings of the company. UBS Oconnor LLC acquired a new stake in Abraxas Petroleum Corp. during the second quarter valued at $751,000. State Street Corp raised its stake in Abraxas Petroleum Corp. by 2.2% in the second quarter. State Street Corp now owns 1,396,438 shares of the energy company’s stock valued at $1,577,000 after buying an additional 29,402 shares during the period. Rhumbline Advisers raised its stake in Abraxas Petroleum Corp. by 17.5% in the second quarter. Rhumbline Advisers now owns 174,336 shares of the energy company’s stock valued at $197,000 after buying an additional 25,916 shares during the period. Teachers Advisors Inc. raised its stake in Abraxas Petroleum Corp. by 16.8% in the second quarter. Teachers Advisors Inc. now owns 171,027 shares of the energy company’s stock valued at $193,000 after buying an additional 24,591 shares during the period. Finally, TFS Capital LLC acquired a new stake in Abraxas Petroleum Corp. during the second quarter valued at $200,000. 37.98% of the stock is currently owned by institutional investors and hedge funds.
Abraxas Petroleum Corp. 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. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company.
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