Abraxas Petroleum (AXAS) Lowered to “Hold” at BidaskClub

Abraxas Petroleum (NASDAQ:AXAS) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other analysts have also recently issued reports on the company. Robert W. Baird raised Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 target price on the stock in a research note on Tuesday, December 19th. Zacks Investment Research cut Abraxas Petroleum from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Stifel Nicolaus raised their target price on Abraxas Petroleum from $3.10 to $3.30 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $3.00 target price on shares of Abraxas Petroleum in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $2.81.

Shares of Abraxas Petroleum (NASDAQ AXAS) opened at $2.20 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $364.96, a PE ratio of 24.44 and a beta of 1.39. Abraxas Petroleum has a 12 month low of $1.45 and a 12 month high of $2.74.

Abraxas Petroleum (NASDAQ:AXAS) last posted 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). The business had revenue of $24.70 million during the quarter, compared to the consensus estimate of $25.38 million. Abraxas Petroleum had a return on equity of 17.00% and a net margin of 18.83%. The firm’s revenue for the quarter was up 76.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.02) earnings per share. analysts predict that Abraxas Petroleum will post 0.12 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of AXAS. Heartland Advisors Inc. purchased a new stake in Abraxas Petroleum in the fourth quarter worth about $4,094,000. Foundry Partners LLC bought a new stake in shares of Abraxas Petroleum during the fourth quarter valued at approximately $3,676,000. Vanguard Group Inc. increased its position in shares of Abraxas Petroleum by 15.3% during the second quarter. Vanguard Group Inc. now owns 8,322,387 shares of the energy company’s stock valued at $13,483,000 after acquiring an additional 1,106,142 shares in the last quarter. Mckinley Capital Management LLC Delaware bought a new stake in shares of Abraxas Petroleum during the third quarter valued at approximately $1,342,000. Finally, TIAA CREF Investment Management LLC increased its position in shares of Abraxas Petroleum by 114.5% during the second quarter. TIAA CREF Investment Management LLC now owns 1,184,780 shares of the energy company’s stock valued at $1,919,000 after acquiring an additional 632,370 shares in the last quarter. Institutional investors and hedge funds own 46.89% 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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