Abraxas Petroleum Corporation (NASDAQ:AXAS) has been given a $3.00 price objective by equities researchers at Canaccord Genuity in a research note issued on Thursday. The brokerage currently has a “buy” rating on the energy company’s stock. Canaccord Genuity’s price target points to a potential upside of 9.09% from the stock’s previous close.

A number of other brokerages have also recently commented on AXAS. Zacks Investment Research raised shares of Abraxas Petroleum Corporation from a “strong sell” rating to a “hold” rating in a research note on Monday, October 17th. HC Wainwright initiated coverage on shares of Abraxas Petroleum Corporation in a research note on Friday, October 21st. They issued a “buy” rating and a $3.00 price objective on the stock. Seaport Global Securities raised shares of Abraxas Petroleum Corporation from a “neutral” rating to an “accumulate” rating and set a $2.50 price objective on the stock in a research note on Monday, October 10th. Finally, Rodman & Renshaw initiated coverage on shares of Abraxas Petroleum Corporation in a research note on Friday, October 21st. They issued a “buy” rating and a $3.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $2.18.

Analyst Recommendations for Abraxas Petroleum Corporation (NASDAQ:AXAS)

Shares of Abraxas Petroleum Corporation (NASDAQ:AXAS) traded up 1.45% during trading on Thursday, reaching $2.79. 709,940 shares of the company’s stock were exchanged. The stock’s market capitalization is $372.70 million. Abraxas Petroleum Corporation has a 52 week low of $0.65 and a 52 week high of $2.99. The stock has a 50 day moving average price of $2.35 and a 200-day moving average price of $1.66.

Abraxas Petroleum Corporation (NASDAQ:AXAS) last issued its quarterly earnings data on Monday, November 14th. The energy company reported ($0.02) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.01. The firm had revenue of $14 million for the quarter, compared to analysts’ expectations of $15.16 million. Abraxas Petroleum Corporation had a negative net margin of 330.92% and a negative return on equity of 28.12%. The firm’s revenue was down 13.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) EPS. Analysts predict that Abraxas Petroleum Corporation will post ($0.09) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in AXAS. Price T Rowe Associates Inc. MD raised its position in shares of Abraxas Petroleum Corporation by 118.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 83,400 shares of the energy company’s stock valued at $141,000 after buying an additional 45,200 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its position in shares of Abraxas Petroleum Corporation by 58.7% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 157,477 shares of the energy company’s stock valued at $265,000 after buying an additional 58,277 shares during the last quarter. Credit Suisse AG raised its position in shares of Abraxas Petroleum Corporation by 3.3% in the third quarter. Credit Suisse AG now owns 132,026 shares of the energy company’s stock valued at $223,000 after buying an additional 4,171 shares during the last quarter. Baker Avenue Asset Management LP raised its position in shares of Abraxas Petroleum Corporation by 92.1% in the third quarter. Baker Avenue Asset Management LP now owns 144,100 shares of the energy company’s stock valued at $244,000 after buying an additional 69,100 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of Abraxas Petroleum Corporation by 375.6% in the third quarter. D. E. Shaw & Co. Inc. now owns 141,795 shares of the energy company’s stock valued at $240,000 after buying an additional 111,983 shares during the last quarter. Institutional investors and hedge funds own 39.26% of the company’s stock.

Abraxas Petroleum Corporation Company Profile

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.

5 Day Chart for NASDAQ:AXAS

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