Abraxas Petroleum Corp. (NASDAQ:AXAS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday.

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. “

Several other equities analysts have also recently weighed in on AXAS. Canaccord Genuity reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Abraxas Petroleum Corp. in a report on Wednesday, July 13th. Seaport Global Securities raised Abraxas Petroleum Corp. from a “neutral” rating to an “accumulate” rating and set a $2.50 price objective for the company in a report on Monday, October 10th. Finally, Ladenburg Thalmann assumed coverage on Abraxas Petroleum Corp. in a report on Wednesday, July 13th. They issued a “buy” rating for the company. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $1.61.

Analyst Recommendations for Abraxas Petroleum Corp. (NASDAQ:AXAS)

Abraxas Petroleum Corp. (NASDAQ:AXAS) traded down 1.84% during trading on Monday, reaching $1.60. The company had a trading volume of 215,952 shares. The firm’s 50 day moving average price is $1.58 and its 200 day moving average price is $1.29. The firm’s market capitalization is $213.59 million. Abraxas Petroleum Corp. has a 12-month low of $0.65 and a 12-month high of $1.85.

Abraxas Petroleum Corp. (NASDAQ:AXAS) last announced its quarterly earnings data on Wednesday, August 10th. The energy company reported ($0.45) earnings per share for the quarter. The company earned $11 million during the quarter, compared to analyst estimates of $18.94 million. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. The firm’s revenue was down 41.9% on a year-over-year basis. Analysts anticipate that Abraxas Petroleum Corp. will post ($0.11) earnings per share for the current year.

In other Abraxas Petroleum Corp. news, VP Lee T. Billingsley sold 100,000 shares of the company’s stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $1.68, for a total value of $168,000.00. Following the completion of the transaction, the vice president now owns 230,037 shares of the company’s stock, valued at approximately $386,462.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.30% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of AXAS. Vanguard Group Inc. boosted its position in shares of 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 worth $5,127,000 after buying an additional 237,646 shares during the last quarter. Cortina Asset Management LLC purchased a new position in shares of Abraxas Petroleum Corp. during the second quarter worth about $4,887,000. BlackRock Institutional Trust Company N.A. boosted its position in shares of 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 worth $3,846,000 after buying an additional 154,809 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of 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 worth $3,611,000 after buying an additional 862,756 shares during the last quarter. Finally, Thomson Horstmann & Bryant Inc. boosted its position in shares of 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 worth $2,511,000 after buying an additional 347,100 shares during the last quarter. 38.00% of the stock is owned by institutional investors and hedge funds.

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.

5 Day Chart for NASDAQ:AXAS

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