Abraxas Petroleum (AXAS) Hits New 12-Month Low at $1.40

Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $1.40 and last traded at $1.41, with a volume of 1132262 shares traded. The stock had previously closed at $1.51.

Several brokerages have issued reports on AXAS. Zacks Investment Research raised shares of Abraxas Petroleum from a “sell” rating to a “hold” rating in a research note on Tuesday, November 27th. Stephens began coverage on shares of Abraxas Petroleum in a research note on Thursday, December 6th. They set a “weight” rating and a $3.00 target price on the stock. ValuEngine downgraded shares of Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. BidaskClub downgraded shares of Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 6th. Finally, Canaccord Genuity reissued a “buy” rating and set a $3.50 target price on shares of Abraxas Petroleum in a research note on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Abraxas Petroleum has an average rating of “Hold” and a consensus target price of $3.63.

The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.35. The firm has a market cap of $234.91 million, a PE ratio of 10.42 and a beta of 1.10.

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 the Zacks’ consensus estimate of $0.04 by $0.01. The company had revenue of $41.63 million during the quarter, compared to analysts’ expectations of $33.37 million. Abraxas Petroleum had a negative net margin of 1.48% and a positive return on equity of 30.57%. On average, equities analysts forecast that Abraxas Petroleum Corp. will post 0.24 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Zebra Capital Management LLC bought a new position in shares of Abraxas Petroleum in the second quarter valued at approximately $130,000. Salem Investment Counselors Inc. purchased a new position in shares of Abraxas Petroleum during the second quarter worth approximately $154,000. Cubist Systematic Strategies LLC raised its stake in shares of Abraxas Petroleum by 301.5% during the second quarter. Cubist Systematic Strategies LLC now owns 56,052 shares of the energy company’s stock worth $162,000 after acquiring an additional 42,090 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Abraxas Petroleum by 99.1% during the second quarter. Bank of America Corp DE now owns 79,151 shares of the energy company’s stock worth $228,000 after acquiring an additional 39,393 shares in the last quarter. Finally, LSV Asset Management purchased a new position in shares of Abraxas Petroleum during the second quarter worth approximately $240,000. Institutional investors own 58.57% of the company’s stock.

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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.

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