Abraxas Petroleum (NASDAQ:AXAS) Trading Up 8.1%

Abraxas Petroleum Corp. (NASDAQ:AXAS)’s share price was up 8.1% during trading on Wednesday . The company traded as high as $0.27 and last traded at $0.26, approximately 1,535,707 shares traded hands during mid-day trading. An increase of 28% from the average daily volume of 1,197,992 shares. The stock had previously closed at $0.24.

A number of equities analysts have commented on AXAS shares. LADENBURG THALM/SH SH cut Abraxas Petroleum from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $2.00 to $1.00 in a research note on Monday, August 26th. Johnson Rice cut Abraxas Petroleum from a “buy” rating to an “accumulate” rating in a research note on Tuesday, November 19th. ValuEngine cut Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Friday, November 1st. Zacks Investment Research cut Abraxas Petroleum from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 29th. Finally, Seaport Global Securities cut Abraxas Petroleum from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $2.00.

The company has a debt-to-equity ratio of 1.17, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $43.28 million, a PE ratio of 1.44 and a beta of 1.69. The company has a 50 day moving average price of $0.30 and a 200-day moving average price of $0.67.

Abraxas Petroleum (NASDAQ:AXAS) last posted its earnings results on Wednesday, November 13th. The energy company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.02). Abraxas Petroleum had a net margin of 43.17% and a return on equity of 9.26%. The business had revenue of $31.54 million for the quarter, compared to analysts’ expectations of $34.15 million. As a group, equities analysts anticipate that Abraxas Petroleum Corp. will post 0.09 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Compagnie Lombard Odier SCmA purchased a new position in shares of Abraxas Petroleum during the second quarter valued at approximately $40,000. Russell Investments Group Ltd. purchased a new position in shares of Abraxas Petroleum during the third quarter valued at approximately $61,000. Susquehanna International Group LLP purchased a new position in shares of Abraxas Petroleum during the second quarter valued at approximately $67,000. Morgan Stanley increased its stake in shares of Abraxas Petroleum by 52.8% during the second quarter. Morgan Stanley now owns 74,752 shares of the energy company’s stock valued at $77,000 after buying an additional 25,817 shares during the period. Finally, Hodges Capital Management Inc. purchased a new position in shares of Abraxas Petroleum during the second quarter valued at approximately $104,000. 45.79% of the stock is currently owned by hedge funds and other institutional investors.

About Abraxas Petroleum (NASDAQ:AXAS)

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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