Abraxas Petroleum Corp. (AXAS) Upgraded to “Accumulate” by Seaport Global Securities
Abraxas Petroleum Corp. (NASDAQ:AXAS) was upgraded by investment analysts at Seaport Global Securities from a “neutral” rating to an “accumulate” rating in a research note issued to investors on Monday.
A number of other analysts have also commented on AXAS. Canaccord Genuity reissued a “buy” rating and set a $2.00 price objective on shares of Abraxas Petroleum Corp. in a report on Wednesday, July 13th. Zacks Investment Research lowered Abraxas Petroleum Corp. from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Finally, Ladenburg Thalmann assumed coverage on Abraxas Petroleum Corp. in a report on Wednesday, July 13th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $1.46.
Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.69 on Monday. Abraxas Petroleum Corp. has a 52 week low of $0.65 and a 52 week high of $1.93. The company’s market cap is $225.61 million. The stock’s 50 day moving average price is $1.54 and its 200-day moving average price is $1.27.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last issued its quarterly earnings data on Wednesday, August 10th. The energy company reported ($0.45) EPS for the quarter. The company had revenue of $11 million for the quarter, compared to the consensus estimate of $18.94 million. Abraxas Petroleum Corp. had a negative return on equity of 15.56% and a negative net margin of 415.24%. Abraxas Petroleum Corp.’s quarterly revenue 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 fiscal year.
In related news, VP Lee T. Billingsley sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $1.68, for a total value of $168,000.00. Following the transaction, the vice president now owns 230,037 shares in the company, valued at $386,462.16. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 12.30% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Abraxas Petroleum Corp. by 5.5% in the second quarter. Vanguard Group Inc. now owns 4,537,404 shares of the energy company’s stock valued at $5,127,000 after buying an additional 237,646 shares during the last quarter. Cortina Asset Management LLC purchased a new position in Abraxas Petroleum Corp. during the second quarter valued at approximately $4,887,000. BlackRock Institutional Trust Company N.A. increased its position in Abraxas Petroleum Corp. by 4.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,403,172 shares of the energy company’s stock valued at $3,846,000 after buying an additional 154,809 shares during the last quarter. BlackRock Fund Advisors increased its position in Abraxas Petroleum Corp. by 37.0% in the second quarter. BlackRock Fund Advisors now owns 3,195,559 shares of the energy company’s stock valued at $3,611,000 after buying an additional 862,756 shares during the last quarter. Finally, Thomson Horstmann & Bryant Inc. increased its position in Abraxas Petroleum Corp. by 18.5% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 2,222,240 shares of the energy company’s stock valued at $2,511,000 after buying an additional 347,100 shares during the last quarter. Institutional investors and hedge funds own 37.98% of the company’s stock.
About Abraxas Petroleum Corp.
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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