Abraxas Petroleum (AXAS) Raised to Strong-Buy at BidaskClub

Abraxas Petroleum (NASDAQ:AXAS) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Friday.

AXAS has been the subject of a number of other reports. Zacks Investment Research downgraded Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Robert W. Baird upgraded Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price target for the company in a report on Tuesday, December 19th. Stifel Nicolaus set a $2.00 price target on Abraxas Petroleum and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Abraxas Petroleum in a report on Friday, September 8th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Abraxas Petroleum has a consensus rating of “Buy” and a consensus price target of $2.45.

Abraxas Petroleum (AXAS) opened at $2.57 on Friday. The stock has a market capitalization of $426.34, a price-to-earnings ratio of 28.56 and a beta of 1.42. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. Abraxas Petroleum has a 12-month low of $1.45 and a 12-month high of $2.99.

Abraxas Petroleum (NASDAQ:AXAS) last announced its earnings results on Tuesday, November 7th. The energy company reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.01). Abraxas Petroleum had a return on equity of 17.00% and a net margin of 18.83%. The company had revenue of $24.70 million for the quarter, compared to the consensus estimate of $25.38 million. During the same period in the prior year, the business earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 76.4% on a year-over-year basis. equities research analysts anticipate that Abraxas Petroleum will post 0.14 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. OxFORD Asset Management LLP grew its stake in shares of Abraxas Petroleum by 91.5% in the 2nd quarter. OxFORD Asset Management LLP now owns 247,809 shares of the energy company’s stock valued at $401,000 after buying an additional 118,416 shares during the period. Macquarie Group Ltd. acquired a new position in Abraxas Petroleum during the 3rd quarter valued at about $971,000. First Quadrant L P CA boosted its stake in Abraxas Petroleum by 285.6% during the 3rd quarter. First Quadrant L P CA now owns 360,891 shares of the energy company’s stock valued at $678,000 after purchasing an additional 267,300 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Abraxas Petroleum by 56.7% during the 2nd quarter. Wells Fargo & Company MN now owns 322,978 shares of the energy company’s stock valued at $523,000 after purchasing an additional 116,912 shares during the last quarter. Finally, Cadence Capital Management LLC boosted its stake in Abraxas Petroleum by 54.3% during the 3rd quarter. Cadence Capital Management LLC now owns 929,532 shares of the energy company’s stock valued at $1,748,000 after purchasing an additional 327,269 shares during the last quarter. Institutional investors own 45.82% of the company’s stock.

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Abraxas Petroleum 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. 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.

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