Abraxas Petroleum (AXAS) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Abraxas Petroleum (NASDAQ:AXAS) from a sell rating to a hold rating in a research note published on Tuesday.

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 research firms have also recently weighed in on AXAS. ValuEngine cut shares of Abraxas Petroleum from a hold rating to a sell rating in a research report on Monday, July 30th. BidaskClub cut shares of Abraxas Petroleum from a hold rating to a sell rating in a research report on Saturday, August 4th. Canaccord Genuity restated a buy rating and set a $3.50 price objective on shares of Abraxas Petroleum in a research report on Tuesday, August 28th. Finally, TheStreet cut shares of Abraxas Petroleum from a c rating to a d+ rating in a research report on Wednesday, August 8th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $3.83.

NASDAQ:AXAS opened at $1.66 on Tuesday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.35. The firm has a market cap of $279.90 million, a price-to-earnings ratio of 13.83 and a beta of 1.22. Abraxas Petroleum has a fifty-two week low of $1.58 and a fifty-two week high of $3.27.

Abraxas Petroleum (NASDAQ:AXAS) last posted its quarterly earnings data on Wednesday, November 7th. The energy company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. The company had revenue of $41.63 million during the quarter, compared to analysts’ expectations of $33.37 million. Abraxas Petroleum had a negative net margin of 1.48% and a positive return on equity of 30.57%. As a group, equities research analysts predict that Abraxas Petroleum will post 0.25 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in AXAS. Dimensional Fund Advisors LP grew its holdings in shares of Abraxas Petroleum by 56.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,231,327 shares of the energy company’s stock worth $12,229,000 after buying an additional 1,526,579 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Abraxas Petroleum by 7.9% during the second quarter. BlackRock Inc. now owns 11,633,452 shares of the energy company’s stock worth $33,622,000 after buying an additional 847,643 shares in the last quarter. LSV Asset Management grew its holdings in shares of Abraxas Petroleum by 902.9% during the third quarter. LSV Asset Management now owns 833,400 shares of the energy company’s stock worth $1,941,000 after buying an additional 750,300 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Abraxas Petroleum during the second quarter worth $2,137,000. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in shares of Abraxas Petroleum during the second quarter worth $1,445,000. 58.93% of the stock is owned by institutional investors and hedge funds.

About Abraxas Petroleum

Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of oil and gas properties in the United States. The company operates oil and gas assets in the Permian/Delaware Basin, the Rocky Mountain, and South Texas regions.

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