BidaskClub cut shares of Abraxas Petroleum (NASDAQ:AXAS) from a buy rating to a hold rating in a research report released on Saturday morning.

A number of other analysts also recently commented on AXAS. Canaccord Genuity reiterated a buy rating and issued a $3.00 price objective on shares of Abraxas Petroleum in a research report on Wednesday, January 24th. Stifel Nicolaus raised their price objective on Abraxas Petroleum from $3.10 to $3.30 and gave the stock a buy rating in a research report on Tuesday, January 30th. Zacks Investment Research downgraded Abraxas Petroleum from a buy rating to a hold rating in a research report on Wednesday, November 15th. Finally, Robert W. Baird upgraded Abraxas Petroleum from a neutral rating to an outperform rating and set a $3.00 price objective for the company 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 company. The stock currently has an average rating of Buy and a consensus price target of $2.81.

Shares of Abraxas Petroleum (AXAS) opened at $2.13 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. Abraxas Petroleum has a 52-week low of $1.45 and a 52-week high of $2.74. The company has a market capitalization of $353.35, a P/E ratio of 23.67 and a beta of 1.39.

Hedge funds have recently made changes to their positions in the business. Citadel Advisors LLC lifted its position in shares of Abraxas Petroleum by 159.8% in the 4th quarter. Citadel Advisors LLC now owns 51,969 shares of the energy company’s stock worth $128,000 after acquiring an additional 31,969 shares during the period. Mycio Wealth Partners LLC bought a new position in shares of Abraxas Petroleum during the 4th quarter worth approximately $135,000. Chicago Equity Partners LLC bought a new position in shares of Abraxas Petroleum during the 4th quarter worth approximately $140,000. Raymond James Financial Services Advisors Inc. lifted its position in shares of Abraxas Petroleum by 149.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 67,101 shares of the energy company’s stock worth $126,000 after buying an additional 40,200 shares during the period. Finally, Susquehanna International Group LLP lifted its position in shares of Abraxas Petroleum by 73.0% during the 2nd quarter. Susquehanna International Group LLP now owns 67,792 shares of the energy company’s stock worth $110,000 after buying an additional 28,606 shares during the period. Institutional investors own 47.54% of the company’s stock.

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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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