Zacks Investment Research Upgrades Abraxas Petroleum Corp. (AXAS) to Hold

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 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 brokerages also recently commented on AXAS. Ladenburg Thalmann started coverage on Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. They issued a “buy” rating on the stock. Canaccord Genuity restated a “buy” rating and issued a $2.00 price objective on shares of Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. Finally, Seaport Global Securities upgraded Abraxas Petroleum Corp. from a “neutral” rating to an “accumulate” rating and set a $2.50 price objective on the stock in a research report on Monday, October 10th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $1.61.

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

Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.595 on Monday. The company’s market capitalization is $212.93 million. The company’s 50-day moving average price is $1.59 and its 200 day moving average price is $1.30. Abraxas Petroleum Corp. has a 52-week low of $0.65 and a 52-week high of $1.85.

Abraxas Petroleum Corp. (NASDAQ:AXAS) last released its quarterly earnings results on Wednesday, August 10th. The energy company reported ($0.45) earnings per share (EPS) for the quarter. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. The company had revenue of $11 million for the quarter, compared to the consensus estimate of $18.94 million. Abraxas Petroleum Corp.’s revenue was down 41.9% compared to the same quarter last year. On average, equities analysts expect that Abraxas Petroleum Corp. will post ($0.11) EPS for the current fiscal year.

In related news, VP Lee T. Billingsley sold 100,000 shares of the business’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 sale, the vice president now directly owns 230,037 shares in the company, valued at $386,462.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.30% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of AXAS. EAM Investors LLC bought a new stake in shares of Abraxas Petroleum Corp. during the second quarter worth about $1,141,000. Cortina Asset Management LLC bought a new stake in shares of Abraxas Petroleum Corp. during the second quarter worth about $4,887,000. Smith Asset Management Group LP increased its stake in shares of Abraxas Petroleum Corp. by 8.7% in the second quarter. Smith Asset Management Group LP now owns 536,310 shares of the energy company’s stock worth $606,000 after buying an additional 42,921 shares during the period. California Public Employees Retirement System increased its stake in shares of Abraxas Petroleum Corp. by 16.0% in the second quarter. California Public Employees Retirement System now owns 1,161,900 shares of the energy company’s stock worth $1,313,000 after buying an additional 160,300 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Abraxas Petroleum Corp. by 1.3% in the first quarter. Geode Capital Management LLC now owns 606,301 shares of the energy company’s stock worth $612,000 after buying an additional 7,965 shares during the period. Institutional investors and hedge funds own 38.00% 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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