Abraxas Petroleum (AXAS) Stock Price Down 8.2%

Abraxas Petroleum Corp. (NASDAQ:AXAS) was down 8.2% during trading on Tuesday . The company traded as low as $1.69 and last traded at $1.69. Approximately 790,838 shares changed hands during trading, a decline of 39% from the average daily volume of 1,307,035 shares. The stock had previously closed at $1.84.

A number of equities research analysts have recently commented on AXAS shares. Canaccord Genuity reaffirmed a “buy” rating and set a $3.50 price objective on shares of Abraxas Petroleum in a research note on Tuesday, August 28th. BidaskClub cut shares of Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 6th. TheStreet cut shares of Abraxas Petroleum from a “c” rating to a “d+” rating in a research note on Wednesday, August 8th. ValuEngine cut shares of Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. Finally, Zacks Investment Research raised shares of Abraxas Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday, November 27th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $3.83.

The company has a market cap of $271.57 million, a PE ratio of 14.08 and a beta of 1.10. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.35.

Abraxas Petroleum (NASDAQ:AXAS) last released its quarterly earnings results on Wednesday, November 7th. The energy company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Abraxas Petroleum had a negative net margin of 1.48% and a positive return on equity of 30.57%. The firm had revenue of $41.63 million for the quarter, compared to analysts’ expectations of $33.37 million. As a group, research analysts anticipate that Abraxas Petroleum Corp. will post 0.25 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its stake in Abraxas Petroleum by 5.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 569,364 shares of the energy company’s stock valued at $1,326,000 after acquiring an additional 29,706 shares during the period. Globeflex Capital L P grew its stake in Abraxas Petroleum by 13.9% in the 2nd quarter. Globeflex Capital L P now owns 258,300 shares of the energy company’s stock valued at $746,000 after acquiring an additional 31,600 shares during the period. Bailard Inc. grew its stake in Abraxas Petroleum by 21.0% in the 2nd quarter. Bailard Inc. now owns 208,700 shares of the energy company’s stock valued at $603,000 after acquiring an additional 36,200 shares during the period. Bank of America Corp DE grew its stake in Abraxas Petroleum by 99.1% in the 2nd quarter. Bank of America Corp DE now owns 79,151 shares of the energy company’s stock valued at $228,000 after acquiring an additional 39,393 shares during the period. Finally, Cubist Systematic Strategies LLC grew its stake in Abraxas Petroleum by 301.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 56,052 shares of the energy company’s stock valued at $162,000 after acquiring an additional 42,090 shares during the period. 58.57% of the stock is currently owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION WARNING: This story was reported by Markets Daily and is the sole property of of Markets Daily. If you are accessing this story on another site, it was stolen and reposted in violation of US & international copyright legislation. The original version of this story can be read at https://www.themarketsdaily.com/2018/12/05/abraxas-petroleum-axas-stock-price-down-8-2.html.

About Abraxas Petroleum (NASDAQ:AXAS)

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.

Read More: Earnings Per Share (EPS)

Receive News & Ratings for Abraxas Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abraxas Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply