Abraxas Petroleum Corp. (NASDAQ:AXAS) was upgraded by equities research analysts at Seaport Global Securities from a “neutral” rating to an “accumulate” rating in a report released on Monday.
AXAS has been the subject of several other research reports. Zacks Investment Research downgraded shares of Abraxas Petroleum Corp. from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 27th. Canaccord Genuity set a $2.00 price objective on shares of Abraxas Petroleum Corp. and gave the stock a “buy” rating in a report on Tuesday, September 20th. Finally, Ladenburg Thalmann started coverage on shares of Abraxas Petroleum Corp. in a report on Wednesday, July 13th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Abraxas Petroleum Corp. currently has a consensus rating of “Hold” and an average price target of $1.46.
Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.76 on Monday. Abraxas Petroleum Corp. has a 1-year low of $0.65 and a 1-year high of $1.85. The company has a 50 day moving average of $1.56 and a 200 day moving average of $1.28. The firm’s market capitalization is $234.95 million.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last posted its quarterly earnings results on Wednesday, August 10th. The energy company reported ($0.45) earnings per share (EPS) for the quarter. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. The business earned $11 million during the quarter, compared to analyst estimates of $18.94 million. Abraxas Petroleum Corp.’s quarterly revenue was down 41.9% on a year-over-year basis. On average, equities research analysts anticipate that Abraxas Petroleum Corp. will post ($0.11) earnings per share for the current year.
In other news, VP Lee T. Billingsley sold 100,000 shares of Abraxas Petroleum Corp. stock in a transaction on Thursday, September 29th. The stock was sold at an average price of $1.68, for a total transaction of $168,000.00. Following the sale, the vice president now directly owns 230,037 shares in the company, valued at approximately $386,462.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Investment Management LLC boosted its stake in Abraxas Petroleum Corp. by 29.1% in the second quarter. BlackRock Investment Management LLC now owns 470,987 shares of the energy company’s stock worth $532,000 after buying an additional 106,261 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Abraxas Petroleum Corp. during the second quarter worth approximately $155,000. Vanguard Group Inc. boosted its stake in Abraxas Petroleum Corp. by 5.5% in the second quarter. Vanguard Group Inc. now owns 4,537,404 shares of the energy company’s stock worth $5,127,000 after buying an additional 237,646 shares during the last quarter. Argent Capital Management LLC boosted its stake in Abraxas Petroleum Corp. by 84.1% in the second quarter. Argent Capital Management LLC now owns 1,582,190 shares of the energy company’s stock worth $1,788,000 after buying an additional 722,675 shares during the last quarter. Finally, EAM Investors LLC acquired a new stake in Abraxas Petroleum Corp. during the second quarter worth approximately $1,141,000. Institutional investors own 37.98% of the company’s stock.
Abraxas Petroleum Corp. 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. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company.
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