Abraxas Petroleum Corporation (AXAS) Receives $2.68 Average Price Target from Analysts

Abraxas Petroleum Corporation (NASDAQ:AXAS) has received a consensus rating of “Buy” from the eight research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $2.68.

Several research analysts recently issued reports on AXAS shares. Stifel Nicolaus reissued a “buy” rating and set a $2.40 target price on shares of Abraxas Petroleum Corporation in a report on Friday, July 14th. Zacks Investment Research raised shares of Abraxas Petroleum Corporation from a “hold” rating to a “buy” rating and set a $2.25 price objective for the company in a report on Monday, May 29th. Canaccord Genuity initiated coverage on shares of Abraxas Petroleum Corporation in a report on Monday, July 24th. They issued a “buy” rating and a $2.50 price objective for the company. BidaskClub cut shares of Abraxas Petroleum Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, Seaport Global Securities raised shares of Abraxas Petroleum Corporation from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $2.00 to $2.50 in a report on Friday, August 11th.

Shares of Abraxas Petroleum Corporation (NASDAQ:AXAS) traded down 4.62% during midday trading on Wednesday, hitting $1.65. 1,353,978 shares of the stock were exchanged. The stock has a market cap of $267.89 million, a price-to-earnings ratio of 19.64 and a beta of 1.48. Abraxas Petroleum Corporation has a 12 month low of $1.43 and a 12 month high of $2.99. The firm’s 50-day moving average is $1.69 and its 200-day moving average is $1.81.

Abraxas Petroleum Corporation (NASDAQ:AXAS) last issued its earnings results on Tuesday, August 8th. The energy company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.01). Abraxas Petroleum Corporation had a return on equity of 7.68% and a net margin of 18.14%. The business had revenue of $13.15 million for the quarter, compared to analysts’ expectations of $16.70 million. Equities research analysts predict that Abraxas Petroleum Corporation will post $0.14 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC increased its holdings in Abraxas Petroleum Corporation by 0.8% in the first quarter. Mutual of America Capital Management LLC now owns 778,788 shares of the energy company’s stock valued at $1,573,000 after buying an additional 5,820 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Abraxas Petroleum Corporation by 9.0% in the first quarter. Alliancebernstein L.P. now owns 101,900 shares of the energy company’s stock valued at $206,000 after buying an additional 8,400 shares in the last quarter. Rhumbline Advisers increased its holdings in Abraxas Petroleum Corporation by 6.1% in the second quarter. Rhumbline Advisers now owns 162,768 shares of the energy company’s stock valued at $264,000 after buying an additional 9,300 shares in the last quarter. Smith Asset Management Group LP increased its holdings in Abraxas Petroleum Corporation by 1.8% in the second quarter. Smith Asset Management Group LP now owns 586,050 shares of the energy company’s stock valued at $949,000 after buying an additional 10,230 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in Abraxas Petroleum Corporation by 1.2% in the first quarter. California Public Employees Retirement System now owns 1,067,600 shares of the energy company’s stock valued at $2,157,000 after buying an additional 12,200 shares in the last quarter. 44.49% of the stock is owned by institutional investors.

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About Abraxas Petroleum Corporation

Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2016, the Company’s estimated net proved reserves were 44.7 million barrels of oil equivalent (MMBoe), of which 33.6% were classified as proved developed, 74% were oil and natural gas liquids (NGL), and 95% of which (on a PV-10 basis) were operated by the Company.

Analyst Recommendations for Abraxas Petroleum Corporation (NASDAQ:AXAS)

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