Abraxas Petroleum (NASDAQ:AXAS) Cut to Hold at Zacks Investment Research

Abraxas Petroleum (NASDAQ:AXAS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, November 15th.

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. “

AXAS has been the subject of several other reports. Seaport Global Securities upgraded shares of Abraxas Petroleum from a “neutral” rating to a “buy” rating and raised their price target for the stock from $2.00 to $2.50 in a report on Friday, August 11th. TheStreet upgraded shares of Abraxas Petroleum from a “d” rating to a “c-” rating in a report on Tuesday, August 8th. BidaskClub cut shares of Abraxas Petroleum from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Stifel Nicolaus set a $2.00 price target on shares of Abraxas Petroleum and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, Canaccord Genuity initiated coverage on shares of Abraxas Petroleum in a research note on Monday, July 24th. They issued a “buy” rating and a $2.50 target price for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Abraxas Petroleum presently has an average rating of “Hold” and a consensus price target of $2.31.

Abraxas Petroleum (NASDAQ AXAS) traded up $0.06 during trading on Wednesday, reaching $2.21. 2,173,956 shares of the company’s stock traded hands, compared to its average volume of 1,621,506. The firm has a market cap of $366.62, a PE ratio of 23.89 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48. Abraxas Petroleum has a 52-week low of $1.45 and a 52-week high of $2.99.

Abraxas Petroleum (NASDAQ:AXAS) last announced its earnings results on Tuesday, November 7th. The energy company reported $0.04 EPS for the quarter, missing the 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 firm had revenue of $24.70 million during the quarter, compared to analyst estimates of $25.38 million. During the same quarter in the previous year, the business earned ($0.02) earnings per share. The business’s quarterly revenue was up 76.4% compared to the same quarter last year. equities research analysts anticipate that Abraxas Petroleum will post 0.15 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of AXAS. Bank of New York Mellon Corp lifted its stake in Abraxas Petroleum by 28.5% in the first quarter. Bank of New York Mellon Corp now owns 627,965 shares of the energy company’s stock valued at $1,269,000 after acquiring an additional 139,270 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Abraxas Petroleum by 652.7% in the first quarter. Parametric Portfolio Associates LLC now owns 226,284 shares of the energy company’s stock valued at $457,000 after purchasing an additional 196,220 shares during the period. American International Group Inc. raised its position in shares of Abraxas Petroleum by 24.9% in the first quarter. American International Group Inc. now owns 88,695 shares of the energy company’s stock valued at $179,000 after purchasing an additional 17,674 shares during the period. Alliancebernstein L.P. raised its position in shares of Abraxas Petroleum by 9.0% in the first quarter. Alliancebernstein L.P. now owns 101,900 shares of the energy company’s stock valued at $206,000 after purchasing an additional 8,400 shares during the period. Finally, TIAA CREF Investment Management LLC raised its position in shares of Abraxas Petroleum by 68.4% in the first quarter. TIAA CREF Investment Management LLC now owns 552,410 shares of the energy company’s stock valued at $1,116,000 after purchasing an additional 224,388 shares during the period. Hedge funds and other institutional investors own 45.90% of the company’s stock.

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About Abraxas Petroleum

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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