Abraxas Petroleum Corp. (AXAS) Expected to Announce Quarterly Sales of $29.70 Million

Wall Street analysts expect Abraxas Petroleum Corp. (NASDAQ:AXAS) to post $29.70 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Abraxas Petroleum’s earnings. The highest sales estimate is $30.40 million and the lowest is $29.00 million. Abraxas Petroleum posted sales of $22.01 million during the same quarter last year, which suggests a positive year over year growth rate of 34.9%. The company is expected to announce its next quarterly earnings results after the market closes on Tuesday, March 13th.

According to Zacks, analysts expect that Abraxas Petroleum will report full year sales of $29.70 million for the current financial year, with estimates ranging from $85.00 million to $87.10 million. For the next financial year, analysts forecast that the firm will report sales of $174.50 million per share, with estimates ranging from $161.00 million to $195.80 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow Abraxas Petroleum.

A number of analysts have recently issued reports on the company. BidaskClub cut Abraxas Petroleum from a “buy” rating to a “hold” rating in a research report on Saturday, February 10th. Stifel Nicolaus upped their price target on Abraxas Petroleum from $3.10 to $3.30 and gave the company a “buy” rating in a research report on Tuesday, January 30th. Canaccord Genuity reiterated a “buy” rating and issued a $3.00 price target on shares of Abraxas Petroleum in a research report on Wednesday, January 24th. Robert W. Baird upgraded Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price target on the stock in a research report on Tuesday, December 19th. Finally, Zacks Investment Research cut Abraxas Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Abraxas Petroleum currently has a consensus rating of “Buy” and a consensus target price of $2.81.

Abraxas Petroleum (AXAS) traded down $0.02 on Monday, hitting $2.14. The stock had a trading volume of 568,801 shares, compared to its average volume of 1,220,000. The company has a market capitalization of $355.00, a PE ratio of 23.78 and a beta of 1.39. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. Abraxas Petroleum has a 1-year low of $1.45 and a 1-year high of $2.74.

Large investors have recently made changes to their positions in the business. Susquehanna International Group LLP grew its position in Abraxas Petroleum by 73.0% in the second quarter. Susquehanna International Group LLP now owns 67,792 shares of the energy company’s stock valued at $110,000 after acquiring an additional 28,606 shares during the period. Metropolitan Life Insurance Co. NY bought a new stake in Abraxas Petroleum in the fourth quarter valued at $110,000. Voya Investment Management LLC grew its position in Abraxas Petroleum by 24.5% in the second quarter. Voya Investment Management LLC now owns 73,546 shares of the energy company’s stock valued at $119,000 after acquiring an additional 14,483 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in Abraxas Petroleum by 149.4% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 67,101 shares of the energy company’s stock valued at $126,000 after acquiring an additional 40,200 shares during the period. Finally, Citadel Advisors LLC boosted its stake in Abraxas Petroleum by 159.8% in the fourth quarter. Citadel Advisors LLC now owns 51,969 shares of the energy company’s stock worth $128,000 after purchasing an additional 31,969 shares in the last quarter. Hedge funds and other institutional investors own 47.76% 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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