Abraxas Petroleum Corp. (AXAS) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) from a hold rating to a buy rating in a research note released on Friday morning. Zacks Investment Research currently has $2.00 price objective on the energy company’s stock.

According to Zacks, “Abraxas Petroleum Corporation is an independent energy company engaged primarily in the acquisition, exploration, exploitation and production of crude oil and natural gas. They seek to complement their acquisition and development activities by selectively participating in exploration projects with experienced industry partners. “

A number of other brokerages also recently issued reports on AXAS. Canaccord Genuity set a $3.00 price objective on shares of Abraxas Petroleum Corp. and gave the stock a buy rating in a research report on Thursday, January 12th. Stifel Nicolaus raised shares of Abraxas Petroleum Corp. from a hold rating to a buy rating and lifted their price objective for the stock from $3.00 to $3.50 in a research report on Friday, January 20th. Finally, Seaport Global Securities raised shares of Abraxas Petroleum Corp. from an accumulate rating to a buy rating in a research report on Wednesday, February 1st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Abraxas Petroleum Corp. currently has an average rating of Buy and an average price target of $2.64.

Abraxas Petroleum Corp. (NASDAQ:AXAS) traded up 6.09% on Friday, reaching $2.09. 2,722,368 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $2.17 and a 200 day moving average price of $2.04. The stock’s market cap is $279.19 million. Abraxas Petroleum Corp. has a 12-month low of $0.89 and a 12-month high of $2.99.

Abraxas Petroleum Corp. (NASDAQ:AXAS) last issued its quarterly earnings data on Tuesday, March 14th. The energy company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. Abraxas Petroleum Corp. had a negative net margin of 330.92% and a negative return on equity of 28.12%. The firm had revenue of $22 million for the quarter, compared to the consensus estimate of $20.19 million. During the same quarter in the previous year, the firm earned ($0.02) EPS. The company’s quarterly revenue was up 65.4% compared to the same quarter last year. Analysts forecast that Abraxas Petroleum Corp. will post $0.15 EPS for the current year.

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Hedge funds have recently added to or reduced their stakes in the company. Sigma Planning Corp increased its stake in Abraxas Petroleum Corp. by 3.2% in the third quarter. Sigma Planning Corp now owns 336,700 shares of the energy company’s stock valued at $569,000 after buying an additional 10,300 shares in the last quarter. Smith Asset Management Group LP increased its stake in Abraxas Petroleum Corp. by 3.6% in the third quarter. Smith Asset Management Group LP now owns 555,730 shares of the energy company’s stock valued at $939,000 after buying an additional 19,420 shares in the last quarter. Formula Growth Ltd. increased its stake in Abraxas Petroleum Corp. by 23.4% in the third quarter. Formula Growth Ltd. now owns 4,764,092 shares of the energy company’s stock valued at $8,051,000 after buying an additional 902,792 shares in the last quarter. Cadence Capital Management LLC increased its stake in Abraxas Petroleum Corp. by 2.5% in the fourth quarter. Cadence Capital Management LLC now owns 366,690 shares of the energy company’s stock valued at $942,000 after buying an additional 8,964 shares in the last quarter. Finally, Baker Avenue Asset Management LP increased its stake in Abraxas Petroleum Corp. by 92.1% in the third quarter. Baker Avenue Asset Management LP now owns 144,100 shares of the energy company’s stock valued at $244,000 after buying an additional 69,100 shares in the last quarter. 35.17% of the stock is currently owned by institutional investors.

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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