Wall Street analysts forecast that Abraxas Petroleum Corp. (NASDAQ:AXAS) will post sales of $29.70 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Abraxas Petroleum’s earnings. The highest sales estimate is $30.40 million and the lowest is $29.00 million. Abraxas Petroleum reported sales of $22.01 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 34.9%. The company is expected to announce its next quarterly earnings results after the market closes on Tuesday, March 13th.
On average, analysts expect that Abraxas Petroleum will report full-year sales of $29.70 million for the current year, with estimates ranging from $85.00 million to $87.10 million. For the next fiscal year, analysts anticipate that the firm will report sales of $174.50 million per share, with estimates ranging from $161.00 million to $195.80 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Abraxas Petroleum.
Several equities analysts have commented on AXAS shares. BidaskClub downgraded Abraxas Petroleum from a “buy” rating to a “hold” rating in a research report on Saturday, February 10th. Canaccord Genuity reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Abraxas Petroleum in a research report on Wednesday, January 24th. Stifel Nicolaus upped their price objective on Abraxas Petroleum from $3.10 to $3.30 and gave the company a “buy” rating in a research report on Tuesday, January 30th. Zacks Investment Research downgraded Abraxas Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Finally, Robert W. Baird raised Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price objective on the stock in a research report on Tuesday, December 19th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $2.81.
Abraxas Petroleum (NASDAQ AXAS) traded down $0.02 during trading hours on Monday, reaching $2.14. The company had a trading volume of 568,801 shares, compared to its average volume of 1,220,000. Abraxas Petroleum has a one year low of $1.45 and a one year high of $2.74. The stock has a market cap of $355.00, a price-to-earnings ratio of 23.78 and a beta of 1.39. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in Abraxas Petroleum by 1.0% in the 4th quarter. BlackRock Inc. now owns 10,925,084 shares of the energy company’s stock valued at $26,876,000 after acquiring an additional 105,500 shares during the last quarter. Vanguard Group Inc. grew its position in Abraxas Petroleum by 15.3% in the 2nd 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 during the last quarter. Formula Growth Ltd. grew its position in Abraxas Petroleum by 7.2% in the 3rd quarter. Formula Growth Ltd. now owns 3,714,682 shares of the energy company’s stock valued at $6,984,000 after acquiring an additional 250,000 shares during the last quarter. Mangrove Partners bought a new position in Abraxas Petroleum in the 4th quarter valued at $8,213,000. Finally, State Street Corp grew its position in Abraxas Petroleum by 12.1% in the 2nd quarter. State Street Corp now owns 2,550,295 shares of the energy company’s stock valued at $4,133,000 after acquiring an additional 274,421 shares during the last quarter. 47.76% of the stock is currently 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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