Abraxas Petroleum Corp. (NASDAQ:AXAS) – Equities research analysts at Seaport Global Securities cut their Q3 2016 EPS estimates for shares of Abraxas Petroleum Corp. in a research report issued to clients and investors on Monday. Seaport Global Securities analyst M. Kelly now forecasts that the firm will post earnings per share of ($0.03) for the quarter, down from their prior estimate of ($0.02). Seaport Global Securities has a “Accumulate” rating and a $2.50 price objective on the stock. Seaport Global Securities also issued estimates for Abraxas Petroleum Corp.’s FY2016 earnings at ($0.10) EPS, Q2 2017 earnings at $0.02 EPS, Q3 2017 earnings at $0.03 EPS and Q4 2017 earnings at $0.04 EPS.
Several other brokerages also recently commented on AXAS. Canaccord Genuity restated a “buy” rating and set a $2.00 price objective on shares of Abraxas Petroleum Corp. in a research report on Tuesday, August 9th. Zacks Investment Research upgraded shares of Abraxas Petroleum Corp. from a “hold” rating to a “buy” rating and set a $1.25 price objective for the company in a research report on Monday, August 1st. Finally, Ladenburg Thalmann initiated coverage on shares of Abraxas Petroleum Corp. in a research report on Wednesday, July 13th. They set a “buy” rating for the company. 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. The company has a consensus rating of “Hold” and a consensus price target of $1.61.
Abraxas Petroleum Corp. (NASDAQ:AXAS) opened at 1.72 on Wednesday. The company’s market capitalization is $229.61 million. Abraxas Petroleum Corp. has a 12 month low of $0.65 and a 12 month high of $1.85. The firm has a 50-day moving average price of $1.57 and a 200-day moving average price of $1.28.
Abraxas Petroleum Corp. (NASDAQ:AXAS) last announced its quarterly earnings data on Wednesday, August 10th. The energy company reported ($0.45) EPS for the quarter. The firm earned $11 million during the quarter, compared to the consensus estimate of $18.94 million. Abraxas Petroleum Corp. had a negative net margin of 415.24% and a negative return on equity of 15.56%. The company’s revenue for the quarter was down 41.9% on a year-over-year basis.
Hedge funds have recently bought and sold shares of the stock. Virginia Retirement Systems ET AL bought a new stake in Abraxas Petroleum Corp. during the second quarter worth $155,000. Teachers Advisors Inc. increased its stake in Abraxas Petroleum Corp. by 16.8% in the second quarter. Teachers Advisors Inc. now owns 171,027 shares of the energy company’s stock worth $193,000 after buying an additional 24,591 shares during the last quarter. Rhumbline Advisers increased its stake in Abraxas Petroleum Corp. by 17.5% in the second quarter. Rhumbline Advisers now owns 174,336 shares of the energy company’s stock worth $197,000 after buying an additional 25,916 shares during the last quarter. TFS Capital LLC bought a new stake in Abraxas Petroleum Corp. during the second quarter worth $200,000. Finally, California State Teachers Retirement System increased its stake in Abraxas Petroleum Corp. by 30.2% in the second quarter. California State Teachers Retirement System now owns 258,968 shares of the energy company’s stock worth $293,000 after buying an additional 60,026 shares during the last quarter. Institutional investors and hedge funds own 37.98% of the company’s stock.
In related news, VP Lee T. Billingsley sold 100,000 shares of the stock in a transaction on Thursday, September 29th. The stock was sold at an average price of $1.68, for a total value of $168,000.00. Following the completion of the sale, the vice president now directly owns 230,037 shares in the company, valued at $386,462.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.30% of the company’s stock.
About Abraxas Petroleum Corp.
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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