Zacks Investment Research cut shares of Abraxas Petroleum Corporation (NASDAQ:AXAS) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Abraxas Petroleum Corporation is an independent energy company engaged primarily in the acquisition, exploration, exploitation and production of crude oil and natural gas. They seek to complement their acquisition and development activities by selectively participating in exploration projects with experienced industry partners. “

Other analysts also recently issued research reports about the company. Canaccord Genuity began coverage on Abraxas Petroleum Corporation in a research report on Monday, July 24th. They issued a buy rating and a $2.50 target price on the stock. TheStreet raised Abraxas Petroleum Corporation from a d rating to a c- rating in a research report on Tuesday, August 8th. Seaport Global Securities upgraded Abraxas Petroleum Corporation from a neutral rating to a buy rating and lifted their price target for the stock from $2.00 to $2.50 in a report on Friday, August 11th. BidaskClub cut Abraxas Petroleum Corporation from a hold rating to a sell rating in a report on Saturday, August 5th. Finally, Stifel Nicolaus set a $2.00 price target on Abraxas Petroleum Corporation and gave the stock a buy rating in a report on Thursday, October 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $2.31.

Abraxas Petroleum Corporation (NASDAQ:AXAS) traded down $0.03 during trading hours on Wednesday, hitting $2.05. The company had a trading volume of 1,443,600 shares, compared to its average volume of 1,632,634. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $338.42, a P/E ratio of 23.11 and a beta of 1.44. Abraxas Petroleum Corporation has a twelve month low of $1.45 and a twelve month high of $2.99.

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

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A number of institutional investors have recently bought and sold shares of AXAS. Acadian Asset Management LLC bought a new position in Abraxas Petroleum Corporation during the second quarter worth about $109,000. Susquehanna International Group LLP boosted its holdings in shares of Abraxas Petroleum Corporation by 73.0% during the second quarter. Susquehanna International Group LLP now owns 67,792 shares of the energy company’s stock worth $110,000 after acquiring an additional 28,606 shares during the period. Voya Investment Management LLC boosted its holdings in shares of Abraxas Petroleum Corporation by 24.5% during the second quarter. Voya Investment Management LLC now owns 73,546 shares of the energy company’s stock worth $119,000 after acquiring an additional 14,483 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Abraxas Petroleum Corporation by 149.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 67,101 shares of the energy company’s stock worth $126,000 after acquiring an additional 40,200 shares during the period. Finally, First Quadrant L P CA bought a new stake in shares of Abraxas Petroleum Corporation during the second quarter worth approximately $152,000. Institutional investors and hedge funds own 43.58% 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. 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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