Abraxas Petroleum (AXAS) Upgraded to Strong-Buy at BidaskClub

Abraxas Petroleum (NASDAQ:AXAS) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Friday, January 5th.

A number of other brokerages have also recently commented on AXAS. Robert W. Baird raised Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price objective for the company in a research note on Tuesday, December 19th. Zacks Investment Research cut Abraxas Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Stifel Nicolaus set a $2.00 price objective on Abraxas Petroleum and gave the company a “buy” rating in a research note on Thursday, October 5th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Abraxas Petroleum in a research note on Friday, September 8th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Abraxas Petroleum currently has an average rating of “Buy” and an average price target of $2.45.

Shares of Abraxas Petroleum (NASDAQ AXAS) opened at $2.61 on Friday. The firm has a market capitalization of $432.97, a P/E ratio of 29.00 and a beta of 1.42. 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 1-year low of $1.45 and a 1-year high of $2.74.

Abraxas Petroleum (NASDAQ:AXAS) last issued its earnings results on Tuesday, November 7th. The energy company reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.01). Abraxas Petroleum had a return on equity of 17.00% and a net margin of 18.83%. The business had revenue of $24.70 million during the quarter, compared to the consensus estimate of $25.38 million. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. The company’s revenue for the quarter was up 76.4% compared to the same quarter last year. equities analysts anticipate that Abraxas Petroleum will post 0.14 EPS for the current year.

Several large investors have recently made changes to their positions in the stock. Wasatch Advisors Inc. boosted its position in shares of Abraxas Petroleum by 67.0% during the fourth quarter. Wasatch Advisors Inc. now owns 1,050,293 shares of the energy company’s stock valued at $2,584,000 after buying an additional 421,313 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Abraxas Petroleum during the third quarter valued at approximately $423,000. Cubist Systematic Strategies LLC boosted its position in shares of Abraxas Petroleum by 106.5% during the third quarter. Cubist Systematic Strategies LLC now owns 81,798 shares of the energy company’s stock valued at $154,000 after buying an additional 42,188 shares during the last quarter. Cornerstone Capital Management Holdings LLC. boosted its position in shares of Abraxas Petroleum by 160.1% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 173,500 shares of the energy company’s stock valued at $326,000 after buying an additional 106,800 shares during the last quarter. Finally, OxFORD Asset Management LLP boosted its position in shares of Abraxas Petroleum by 65.8% during the third quarter. OxFORD Asset Management LLP now owns 410,831 shares of the energy company’s stock valued at $809,000 after buying an additional 163,022 shares during the last quarter. 46.02% of the stock is currently owned by institutional investors.

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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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