Brokerages predict that Abraxas Petroleum Corp. (NASDAQ:AXAS) will report sales of $35.67 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Abraxas Petroleum’s earnings. The lowest sales estimate is $31.00 million and the highest is $40.20 million. Abraxas Petroleum posted sales of $24.72 million in the same quarter last year, which suggests a positive year over year growth rate of 44.3%. The company is expected to issue its next quarterly earnings results after the market closes on Wednesday, November 7th.

According to Zacks, analysts expect that Abraxas Petroleum will report full year sales of $148.03 million for the current fiscal year, with estimates ranging from $144.00 million to $154.50 million. For the next financial year, analysts anticipate that the business will post sales of $190.53 million, with estimates ranging from $175.90 million to $204.70 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Abraxas Petroleum.

Abraxas Petroleum (NASDAQ:AXAS) last released its quarterly earnings results on Tuesday, August 7th. The energy company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). The company had revenue of $30.92 million during the quarter, compared to analysts’ expectations of $31.93 million. Abraxas Petroleum had a negative net margin of 3.70% and a positive return on equity of 28.33%.

AXAS has been the topic of several recent research reports. ValuEngine downgraded shares of Abraxas Petroleum from a “hold” rating to a “sell” rating in a research note on Monday, July 30th. TheStreet downgraded shares of Abraxas Petroleum from a “c” rating to a “d+” rating in a research note on Wednesday, August 8th. BidaskClub downgraded shares of Abraxas Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, August 4th. Seaport Global Securities reaffirmed a “buy” rating on shares of Abraxas Petroleum in a research note on Friday, July 20th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $3.50 target price on shares of Abraxas Petroleum in a research note on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Abraxas Petroleum has an average rating of “Hold” and a consensus price target of $3.83.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Abraxas Petroleum by 7.9% during the 2nd quarter. BlackRock Inc. now owns 11,633,452 shares of the energy company’s stock worth $33,622,000 after buying an additional 847,643 shares during the period. Dimensional Fund Advisors LP increased its stake in Abraxas Petroleum by 56.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,231,327 shares of the energy company’s stock worth $12,229,000 after buying an additional 1,526,579 shares during the period. Heartland Advisors Inc. increased its stake in Abraxas Petroleum by 7.1% during the 2nd quarter. Heartland Advisors Inc. now owns 2,355,800 shares of the energy company’s stock worth $6,808,000 after buying an additional 156,300 shares during the period. Foundry Partners LLC increased its stake in Abraxas Petroleum by 23.8% during the 2nd quarter. Foundry Partners LLC now owns 2,258,405 shares of the energy company’s stock worth $6,527,000 after buying an additional 433,480 shares during the period. Finally, Northern Trust Corp increased its stake in Abraxas Petroleum by 8.0% during the 2nd quarter. Northern Trust Corp now owns 2,229,415 shares of the energy company’s stock worth $6,444,000 after buying an additional 165,468 shares during the period. 59.71% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Abraxas Petroleum stock traded up $0.06 on Wednesday, reaching $2.19. The company had a trading volume of 940,008 shares, compared to its average volume of 1,336,696. The company has a market capitalization of $388.44 million, a price-to-earnings ratio of 18.25 and a beta of 1.06. Abraxas Petroleum has a 52-week low of $1.89 and a 52-week high of $3.27. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.39 and a current ratio of 0.39.

About Abraxas Petroleum

Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of oil and gas properties in the United States. The company operates oil and gas assets in the Permian/Delaware Basin, the Rocky Mountain, and South Texas regions.

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Earnings History and Estimates for Abraxas Petroleum (NASDAQ:AXAS)

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