Abraxas Petroleum (NASDAQ:AXAS) Stock Price Up 8.1%

Abraxas Petroleum Corp. (NASDAQ:AXAS) shares rose 8.1% on Wednesday . The stock traded as high as $0.27 and last traded at $0.26, approximately 1,535,707 shares changed hands during mid-day trading. An increase of 28% from the average daily volume of 1,197,992 shares. The stock had previously closed at $0.24.

Several research analysts have commented on the company. LADENBURG THALM/SH SH downgraded Abraxas Petroleum from a “buy” rating to a “neutral” rating and cut their target price for the stock from $2.00 to $1.00 in a research note on Monday, August 26th. ValuEngine downgraded Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Friday, November 1st. Johnson Rice downgraded Abraxas Petroleum from a “buy” rating to an “accumulate” rating in a research note on Tuesday, November 19th. Seaport Global Securities downgraded Abraxas Petroleum from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. Finally, Zacks Investment Research downgraded Abraxas Petroleum from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 29th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $2.00.

The firm has a 50 day simple moving average of $0.30 and a 200 day simple moving average of $0.67. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $43.28 million, a P/E ratio of 1.44 and a beta of 1.69.

Abraxas Petroleum (NASDAQ:AXAS) last issued its earnings results on Wednesday, November 13th. The energy company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). Abraxas Petroleum had a return on equity of 9.26% and a net margin of 43.17%. The company had revenue of $31.54 million during the quarter, compared to the consensus estimate of $34.15 million. Sell-side analysts predict that Abraxas Petroleum Corp. will post 0.09 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp boosted its stake in Abraxas Petroleum by 6.6% in the 3rd quarter. State Street Corp now owns 2,902,957 shares of the energy company’s stock worth $1,473,000 after purchasing an additional 178,655 shares during the period. Monarch Partners Asset Management LLC boosted its position in shares of Abraxas Petroleum by 22.4% during the 3rd quarter. Monarch Partners Asset Management LLC now owns 472,592 shares of the energy company’s stock valued at $240,000 after acquiring an additional 86,640 shares during the last quarter. Sigma Planning Corp boosted its position in shares of Abraxas Petroleum by 25.4% during the 3rd quarter. Sigma Planning Corp now owns 907,900 shares of the energy company’s stock valued at $461,000 after acquiring an additional 184,000 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Abraxas Petroleum during the 3rd quarter valued at about $61,000. Finally, California Public Employees Retirement System boosted its position in shares of Abraxas Petroleum by 5.8% during the 3rd quarter. California Public Employees Retirement System now owns 1,037,500 shares of the energy company’s stock valued at $527,000 after acquiring an additional 56,800 shares during the last quarter. Institutional investors and hedge funds own 45.79% of the company’s stock.

Abraxas Petroleum Company Profile (NASDAQ:AXAS)

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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