Abraxas Petroleum Corp. (NASDAQ:AXAS) was upgraded by analysts at Seaport Global Securities from a “neutral” rating to an “accumulate” rating in a report issued on Monday, The Fly reports.
Several other brokerages also recently weighed in on AXAS. Zacks Investment Research downgraded shares of Abraxas Petroleum Corp. from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 27th. Canaccord Genuity set a $2.00 price target on shares of Abraxas Petroleum Corp. and gave the company a “buy” rating in a research report on Tuesday, September 20th. Finally, Ladenburg Thalmann assumed coverage on shares of Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $1.46.
Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.69 on Monday. The firm’s 50-day moving average is $1.54 and its 200-day moving average is $1.27. Abraxas Petroleum Corp. has a one year low of $0.65 and a one year high of $1.93. The company’s market cap is $225.61 million.
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. The firm had revenue of $11 million for the quarter, compared to the consensus estimate of $18.94 million. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. Abraxas Petroleum Corp.’s quarterly revenue was down 41.9% compared to the same quarter last year. On average, equities analysts anticipate that Abraxas Petroleum Corp. will post ($0.11) EPS for the current year.
In related news, VP Lee T. Billingsley sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $1.68, for a total value of $168,000.00. Following the sale, the vice president now owns 230,037 shares in the company, valued at $386,462.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Virginia Retirement Systems ET AL acquired a new position in shares of Abraxas Petroleum Corp. during the second quarter valued at $155,000. Teachers Advisors Inc. boosted its position in shares of 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 in the last quarter. Rhumbline Advisers boosted its position in shares of 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 in the last quarter. TFS Capital LLC acquired a new position in shares of Abraxas Petroleum Corp. during the second quarter valued at $200,000. Finally, California State Teachers Retirement System boosted its position in shares of Abraxas Petroleum Corp. by 30.2% in the second quarter. California State Teachers Retirement System now owns 258,968 shares of the energy company’s stock valued at $293,000 after buying an additional 60,026 shares in the last quarter. Institutional investors and hedge funds own 37.98% of the company’s stock.
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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