Abraxas Petroleum Corp. (AXAS) Upgraded to Accumulate by Seaport Global Securities
Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered Abraxas Petroleum Corp. from a hold rating to a strong sell rating in a report on Tuesday, September 27th. Canaccord Genuity set a $2.00 price objective on Abraxas Petroleum Corp. and gave the stock a buy rating in a report on Tuesday, September 20th. Finally, Ladenburg Thalmann started coverage on Abraxas Petroleum Corp. in a report on Wednesday, July 13th. They set a buy rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $1.46.
Abraxas Petroleum Corp. (NASDAQ:AXAS) traded down 0.2123% during trading on Monday, reaching $1.7862. The company had a trading volume of 132,899 shares. Abraxas Petroleum Corp. has a 1-year low of $0.65 and a 1-year high of $1.85. The firm has a 50-day moving average of $1.54 and a 200-day moving average of $1.28. The stock’s market capitalization is $238.45 million.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last posted its quarterly earnings results on Wednesday, August 10th. The energy company reported ($0.45) earnings per share for the quarter. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. The business earned $11 million during the quarter, compared to analyst estimates of $18.94 million. The business’s revenue was down 41.9% compared to the same quarter last year. On average, analysts anticipate 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 firm’s stock in a transaction dated Thursday, September 29th. The stock was sold at an average price of $1.68, for a total transaction of $168,000.00. Following the transaction, the vice president now owns 230,037 shares of the company’s stock, valued at $386,462.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 12.30% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL bought a new position in Abraxas Petroleum Corp. during the second quarter worth about $155,000. Teachers Advisors Inc. raised its position in 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 in the last quarter. Rhumbline Advisers raised its position in 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 in the last quarter. TFS Capital LLC bought a new position in Abraxas Petroleum Corp. during the second quarter worth about $200,000. Finally, California State Teachers Retirement System raised its position in 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 in the last quarter. 37.98% of the stock is currently owned by hedge funds and other institutional investors.
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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