Cortina Asset Management LLC lowered its position in Abraxas Petroleum Corporation (NASDAQ:AXAS) by 9.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,051,872 shares of the energy company’s stock after selling 209,945 shares during the period. Cortina Asset Management LLC owned approximately 1.25% of Abraxas Petroleum worth $3,858,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of AXAS. Bank of New York Mellon Corp grew its position in Abraxas Petroleum by 28.5% during the 1st quarter. Bank of New York Mellon Corp now owns 627,965 shares of the energy company’s stock worth $1,269,000 after purchasing an additional 139,270 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in Abraxas Petroleum by 652.7% during the 1st quarter. Parametric Portfolio Associates LLC now owns 226,284 shares of the energy company’s stock valued at $457,000 after acquiring an additional 196,220 shares during the period. American International Group Inc. lifted its stake in Abraxas Petroleum by 24.9% during the 1st quarter. American International Group Inc. now owns 88,695 shares of the energy company’s stock valued at $179,000 after acquiring an additional 17,674 shares during the period. Alliancebernstein L.P. lifted its stake in Abraxas Petroleum by 9.0% during the 1st quarter. Alliancebernstein L.P. now owns 101,900 shares of the energy company’s stock valued at $206,000 after acquiring an additional 8,400 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its stake in Abraxas Petroleum by 68.4% during the 1st quarter. TIAA CREF Investment Management LLC now owns 552,410 shares of the energy company’s stock valued at $1,116,000 after acquiring an additional 224,388 shares during the period. 45.90% of the stock is currently owned by hedge funds and other institutional investors.
Abraxas Petroleum Corporation (NASDAQ AXAS) traded up $0.04 during trading hours on Friday, reaching $2.09. 614,923 shares of the company’s stock were exchanged, compared to its average volume of 1,315,131. Abraxas Petroleum Corporation has a 52 week low of $1.45 and a 52 week high of $2.99. The firm has a market capitalization of $340.07, a PE ratio of 22.78 and a beta of 1.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48.
Abraxas Petroleum (NASDAQ:AXAS) last released its earnings results on Tuesday, November 7th. The energy company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $24.70 million for the quarter, compared to analysts’ expectations of $25.38 million. During the same period in the previous year, the company earned ($0.02) EPS. Abraxas Petroleum’s quarterly revenue was up 76.4% compared to the same quarter last year. equities research analysts predict that Abraxas Petroleum Corporation will post 0.15 earnings per share for the current year.
Several analysts have commented on the stock. Seaport Global Securities upgraded shares of Abraxas Petroleum from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $2.00 to $2.50 in a research note on Friday, August 11th. Zacks Investment Research upgraded shares of Abraxas Petroleum from a “strong sell” rating to a “hold” rating in a research note on Friday, August 18th. Stifel Nicolaus set a $2.00 target price on shares of Abraxas Petroleum and gave the company a “buy” rating in a research note on Thursday, October 5th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Abraxas Petroleum in a research note on Friday, September 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Abraxas Petroleum presently has an average rating of “Hold” and a consensus price target of $2.31.
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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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