Abraxas Petroleum (AXAS) Downgraded by BidaskClub to “Strong Sell”

BidaskClub lowered shares of Abraxas Petroleum (NASDAQ:AXAS) from a sell rating to a strong sell rating in a research report sent to investors on Tuesday.

A number of other brokerages have also issued reports on AXAS. Stifel Nicolaus set a $5.00 target price on Abraxas Petroleum and gave the company a buy rating in a research report on Thursday, July 19th. ValuEngine raised Abraxas Petroleum from a sell rating to a hold rating in a research report on Tuesday, July 24th. Seaport Global Securities reissued a buy rating on shares of Abraxas Petroleum in a research report on Friday, July 20th. Canaccord Genuity reissued a buy rating and issued a $3.50 target price on shares of Abraxas Petroleum in a research report on Tuesday, August 28th. Finally, TheStreet lowered Abraxas Petroleum from a c rating to a d+ rating in a research report on Wednesday, August 8th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $3.83.

Shares of Abraxas Petroleum stock opened at $1.75 on Tuesday. Abraxas Petroleum has a 52-week low of $1.70 and a 52-week high of $3.27. The company has a market capitalization of $300.08 million, a P/E ratio of 14.58 and a beta of 1.22. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 1.07.

Abraxas Petroleum (NASDAQ:AXAS) last announced its earnings results on Wednesday, November 7th. The energy company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.01. Abraxas Petroleum had a positive return on equity of 28.33% and a negative net margin of 3.70%. The business had revenue of $41.63 million for the quarter, compared to analyst estimates of $33.37 million. Research analysts forecast that Abraxas Petroleum will post 0.25 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the business. Strs Ohio bought a new position in Abraxas Petroleum in the second quarter valued at approximately $511,000. Bank of Montreal Can bought a new position in Abraxas Petroleum in the second quarter valued at approximately $1,148,000. Globeflex Capital L P grew its stake in Abraxas Petroleum by 13.9% in the second quarter. Globeflex Capital L P now owns 258,300 shares of the energy company’s stock valued at $746,000 after purchasing an additional 31,600 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Abraxas Petroleum by 65.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 717,032 shares of the energy company’s stock valued at $2,073,000 after purchasing an additional 284,577 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Abraxas Petroleum by 12.3% in the second quarter. Millennium Management LLC now owns 1,545,838 shares of the energy company’s stock valued at $4,467,000 after purchasing an additional 169,606 shares in the last quarter. Hedge funds and other institutional investors own 59.99% of the company’s stock.

Abraxas Petroleum Company Profile

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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