Brokerages Expect Abraxas Petroleum Corporation (AXAS) Will Post Quarterly Sales of $32.77 Million

Equities research analysts expect Abraxas Petroleum Corporation (NASDAQ:AXAS) to post $32.77 million in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Abraxas Petroleum’s earnings. The highest sales estimate is $34.50 million and the lowest is $31.00 million. Abraxas Petroleum posted sales of $22.01 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 48.9%. The company is expected to report its next quarterly earnings results before the market opens on Wednesday, March 14th.

According to Zacks, analysts expect that Abraxas Petroleum will report full-year sales of $32.77 million for the current financial year, with estimates ranging from $88.00 million to $91.20 million. For the next financial year, analysts anticipate that the company will post sales of $154.27 million per share, with estimates ranging from $150.70 million to $161.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Abraxas Petroleum.

Abraxas Petroleum (NASDAQ:AXAS) last released its quarterly earnings data on Tuesday, November 7th. The energy company reported $0.04 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 company had revenue of $24.70 million for the quarter, compared to the consensus estimate of $25.38 million. During the same period last year, the firm earned ($0.02) earnings per share. The company’s revenue for the quarter was up 76.4% compared to the same quarter last year.

AXAS has been the subject of a number of research analyst reports. BidaskClub raised shares of Abraxas Petroleum from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. Zacks Investment Research cut shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Robert W. Baird raised shares of Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price objective for the company in a research report on Tuesday, December 19th. Stifel Nicolaus set a $2.00 target price on shares of Abraxas Petroleum and gave the company a “buy” rating in a research report on Thursday, October 5th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $3.00 target price on shares of Abraxas Petroleum in a research report on Wednesday, January 24th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $2.55.

Abraxas Petroleum (NASDAQ:AXAS) traded down $0.08 during mid-day trading on Friday, reaching $2.39. 1,230,906 shares of the company’s stock were exchanged, compared to its average volume of 1,264,068. 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 1 year low of $1.45 and a 1 year high of $2.74. The company has a market capitalization of $409.75, a PE ratio of 26.56 and a beta of 1.42.

Several institutional investors have recently made changes to their positions in the company. Mutual of America Capital Management LLC boosted its position in shares of Abraxas Petroleum by 0.9% in the second quarter. Mutual of America Capital Management LLC now owns 785,438 shares of the energy company’s stock valued at $1,272,000 after acquiring an additional 6,650 shares during the period. Rhumbline Advisers boosted its position in shares of Abraxas Petroleum by 6.1% in the second quarter. Rhumbline Advisers now owns 162,768 shares of the energy company’s stock valued at $264,000 after acquiring an additional 9,300 shares during the period. Voya Investment Management LLC boosted its position in shares of Abraxas Petroleum by 24.5% in the second quarter. Voya Investment Management LLC now owns 73,546 shares of the energy company’s stock valued at $119,000 after acquiring an additional 14,483 shares during the period. Teachers Advisors LLC boosted its position in shares of Abraxas Petroleum by 6.2% in the second quarter. Teachers Advisors LLC now owns 270,123 shares of the energy company’s stock valued at $438,000 after acquiring an additional 15,828 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Abraxas Petroleum by 5.6% in the second quarter. Goldman Sachs Group Inc. now owns 382,708 shares of the energy company’s stock valued at $620,000 after acquiring an additional 20,261 shares during the period. 45.93% of the stock is owned by institutional investors.

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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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