Abraxas Petroleum (AXAS) Stock Price Up 8.1%
Abraxas Petroleum Corporation (NASDAQ:AXAS) rose 8.1% on Wednesday . The company traded as high as $2.45 and last traded at $2.39. Approximately 3,290,500 shares were traded during mid-day trading, an increase of 104% from the average daily volume of 1,611,221 shares. The stock had previously closed at $2.21.
AXAS has been the subject of a number of recent research reports. Zacks Investment Research raised Abraxas Petroleum from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a research note on Wednesday, October 11th. Stifel Nicolaus set a $2.00 target price on Abraxas Petroleum and gave the company a “buy” rating in a research note on Thursday, October 5th. Canaccord Genuity reissued a “buy” rating on shares of Abraxas Petroleum in a research note on Friday, September 8th. BidaskClub raised Abraxas Petroleum from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Finally, Robert W. Baird raised Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 target price for the company in a research note on Tuesday, December 19th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $2.45.
The stock has a market capitalization of $366.62, a PE ratio of 26.45 and a beta of 1.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48.
Abraxas Petroleum (NASDAQ:AXAS) last released its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $24.70 million for the quarter, compared to the consensus estimate of $25.38 million. Abraxas Petroleum had a net margin of 18.83% and a return on equity of 17.00%. The company’s revenue for the quarter was up 76.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) EPS. sell-side analysts anticipate that Abraxas Petroleum Corporation will post 0.14 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in AXAS. Schwab Charles Investment Management Inc. raised its position in Abraxas Petroleum by 35.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 565,819 shares of the energy company’s stock valued at $1,143,000 after purchasing an additional 149,062 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Abraxas Petroleum by 15.8% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 105,097 shares of the energy company’s stock worth $212,000 after acquiring an additional 14,370 shares in the last quarter. Rhumbline Advisers raised its position in shares of Abraxas Petroleum by 6.1% in the 2nd quarter. Rhumbline Advisers now owns 162,768 shares of the energy company’s stock worth $264,000 after acquiring an additional 9,300 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Abraxas Petroleum by 56.7% in the 2nd quarter. Wells Fargo & Company MN now owns 322,978 shares of the energy company’s stock worth $523,000 after acquiring an additional 116,912 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Abraxas Petroleum by 47.4% in the 2nd quarter. Alliancebernstein L.P. now owns 150,200 shares of the energy company’s stock worth $243,000 after acquiring an additional 48,300 shares in the last quarter. 45.82% of the stock is owned by institutional investors and hedge funds.
Abraxas Petroleum 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.
Receive News & Ratings for Abraxas Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abraxas Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.