Abraxas Petroleum Corp. (AXAS) PT Set at $2.00 by Canaccord Genuity
Abraxas Petroleum Corp. (NASDAQ:AXAS) has been assigned a $2.00 price target by investment analysts at Canaccord Genuity in a note issued to investors on Tuesday. The brokerage presently has a a “buy” rating on the energy company’s stock. Canaccord Genuity’s price target indicates a potential upside of 24.22% from the stock’s previous close.
A number of other equities analysts also recently issued reports on the company. Zacks Investment Research downgraded Abraxas Petroleum Corp. from a “buy” rating to a “hold” rating in a research report on Friday, August 12th. Ladenburg Thalmann began coverage on Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. They set a “buy” rating for the company. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $1.46.
Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.61 on Tuesday. The firm’s 50-day moving average price is $1.42 and its 200-day moving average price is $1.22. Abraxas Petroleum Corp. has a 52-week low of $0.65 and a 52-week high of $1.95. The firm’s market cap is $214.93 million.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last issued its quarterly earnings data on Wednesday, August 10th. The energy company reported ($0.45) earnings per share (EPS) for the quarter. Abraxas Petroleum Corp. had a negative return on equity of 15.56% and a negative net margin of 415.24%. The company had revenue of $11 million for the quarter, compared to the consensus estimate of $18.94 million. The business’s revenue for the quarter was down 41.9% compared to the same quarter last year. Equities research analysts expect that Abraxas Petroleum Corp. will post ($0.11) EPS for the current year.
A number of large investors have recently modified their holdings of the company. Virginia Retirement Systems ET AL acquired a new stake in shares of Abraxas Petroleum Corp. during the second quarter worth $155,000. Teachers Advisors Inc. boosted its stake 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 worth $193,000 after buying an additional 24,591 shares during the period. Rhumbline Advisers boosted its stake 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 worth $197,000 after buying an additional 25,916 shares during the period. TFS Capital LLC purchased a new stake in shares of Abraxas Petroleum Corp. during the second quarter worth approximately $200,000. Finally, California State Teachers Retirement System boosted its stake 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 worth $293,000 after buying an additional 60,026 shares during the period. Institutional investors and hedge funds own 37.98% 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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