Abraxas Petroleum (NASDAQ:AXAS)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity in a report issued on Tuesday. They presently have a $4.00 price target on the energy company’s stock. Canaccord Genuity’s target price suggests a potential upside of 76.99% from the company’s current price.

A number of other equities research analysts have also commented on the stock. BidaskClub lowered shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Saturday, February 10th. Stifel Nicolaus upped their price target on shares of Abraxas Petroleum from $3.10 to $3.30 and gave the company a “buy” rating in a report on Tuesday, January 30th. Robert W. Baird upgraded shares of Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price target for the company in a report on Tuesday, December 19th. Finally, Zacks Investment Research lowered shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $3.09.

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Shares of Abraxas Petroleum (NASDAQ:AXAS) opened at $2.26 on Tuesday. Abraxas Petroleum has a 1-year low of $1.45 and a 1-year high of $2.74. 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 company has a market cap of $391.50, a price-to-earnings ratio of 19.67 and a beta of 1.44.

Abraxas Petroleum (NASDAQ:AXAS) last posted its quarterly earnings results on Tuesday, March 13th. The energy company reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. Abraxas Petroleum had a net margin of 18.56% and a return on equity of 19.39%. The company had revenue of $29.60 million during the quarter, compared to analyst estimates of $28.86 million. During the same period in the prior year, the business posted $0.01 EPS. The firm’s revenue was up 34.5% compared to the same quarter last year. equities analysts anticipate that Abraxas Petroleum will post 0.39 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Metropolitan Life Insurance Co. NY bought a new position in Abraxas Petroleum in the 4th quarter worth $110,000. Citadel Advisors LLC raised its holdings in Abraxas Petroleum by 159.8% in the 4th quarter. Citadel Advisors LLC now owns 51,969 shares of the energy company’s stock worth $128,000 after purchasing an additional 31,969 shares in the last quarter. Mycio Wealth Partners LLC bought a new position in Abraxas Petroleum in the 4th quarter worth $135,000. Chicago Equity Partners LLC bought a new position in Abraxas Petroleum in the 4th quarter worth $140,000. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in Abraxas Petroleum by 149.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 67,101 shares of the energy company’s stock worth $126,000 after purchasing an additional 40,200 shares in the last quarter. Institutional investors and hedge funds own 51.85% of the company’s stock.

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About Abraxas Petroleum

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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