Abraxas Petroleum Corp. (AXAS) Expected to Post Earnings of $0.05 Per Share

Wall Street analysts expect that Abraxas Petroleum Corp. (NASDAQ:AXAS) will report $0.06 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Abraxas Petroleum’s earnings, with the lowest EPS estimate coming in at $0.03 and the highest estimate coming in at $0.12. Abraxas Petroleum posted earnings per share of $0.04 in the same quarter last year, which indicates a positive year over year growth rate of 50%. The company is expected to issue its next quarterly earnings results after the market closes on Wednesday, November 7th.

On average, analysts expect that Abraxas Petroleum will report full-year earnings of $0.26 per share for the current year, with EPS estimates ranging from $0.19 to $0.33. For the next fiscal year, analysts anticipate that the company will post earnings of $0.47 per share, with EPS estimates ranging from $0.27 to $0.65. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that cover Abraxas Petroleum.

Abraxas Petroleum (NASDAQ:AXAS) last posted its quarterly earnings data on Tuesday, August 7th. The energy company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.03). The company had revenue of $30.92 million for the quarter, compared to analysts’ expectations of $31.93 million. Abraxas Petroleum had a negative net margin of 3.70% and a positive return on equity of 28.33%.

Several analysts have recently weighed in on AXAS shares. BidaskClub upgraded shares of Abraxas Petroleum from a “hold” rating to a “buy” rating in a research report on Thursday, June 28th. Seaport Global Securities restated a “buy” rating on shares of Abraxas Petroleum in a research report on Friday, July 20th. Stifel Nicolaus set a $5.00 price objective on shares of Abraxas Petroleum and gave the company a “buy” rating in a research report on Thursday, July 19th. 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 research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $3.44.

Abraxas Petroleum stock opened at $2.15 on Monday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.39 and a current ratio of 0.39. The firm has a market cap of $388.44 million, a PE ratio of 17.92 and a beta of 1.06. Abraxas Petroleum has a fifty-two week low of $1.86 and a fifty-two week high of $3.27.

A number of large investors have recently modified their holdings of the stock. United Services Automobile Association raised its position in Abraxas Petroleum by 63.8% in the 2nd quarter. United Services Automobile Association now owns 491,099 shares of the energy company’s stock worth $1,419,000 after purchasing an additional 191,300 shares during the period. Northern Trust Corp raised its position in Abraxas Petroleum by 8.0% in the 2nd quarter. Northern Trust Corp now owns 2,229,415 shares of the energy company’s stock worth $6,444,000 after purchasing an additional 165,468 shares during the period. Salem Investment Counselors Inc. purchased a new position in Abraxas Petroleum in the 2nd quarter worth $154,000. Millennium Management LLC raised its position in Abraxas Petroleum by 12.3% in the 2nd quarter. Millennium Management LLC now owns 1,545,838 shares of the energy company’s stock worth $4,467,000 after purchasing an additional 169,606 shares during the period. Finally, Zebra Capital Management LLC purchased a new position in Abraxas Petroleum in the 2nd quarter worth $130,000. Institutional investors own 59.71% of the company’s stock.

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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Earnings History and Estimates for Abraxas Petroleum (NASDAQ:AXAS)

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