Abraxas Petroleum (NASDAQ:AXAS) Shares Gap Down Following Weak Earnings

Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $0.30, but opened at $0.30. Abraxas Petroleum shares last traded at $0.30, with a volume of 49,929 shares trading hands.

The energy company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.02). The company had revenue of $31.54 million during the quarter, compared to the consensus estimate of $34.15 million. Abraxas Petroleum had a return on equity of 13.62% and a net margin of 29.82%.

A number of research analysts have recently commented on the stock. LADENBURG THALM/SH SH cut shares of Abraxas Petroleum from a “buy” rating to a “neutral” rating and cut their price target for the stock from $2.00 to $1.00 in a report on Monday, August 26th. ValuEngine cut shares of Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a report on Friday, November 1st. Seaport Global Securities cut shares of Abraxas Petroleum from a “buy” rating to a “neutral” rating in a report on Thursday, October 10th. Finally, Zacks Investment Research cut shares of Abraxas Petroleum from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Abraxas Petroleum presently has an average rating of “Hold” and an average price target of $2.00.

Institutional investors have recently modified their holdings of the business. Compagnie Lombard Odier SCmA bought a new position in Abraxas Petroleum during the 2nd quarter worth about $40,000. Russell Investments Group Ltd. bought a new position in Abraxas Petroleum during the 3rd quarter worth about $61,000. Susquehanna International Group LLP bought a new position in Abraxas Petroleum during the 2nd quarter worth about $67,000. Morgan Stanley grew its holdings in Abraxas Petroleum by 52.8% during the 2nd quarter. Morgan Stanley now owns 74,752 shares of the energy company’s stock worth $77,000 after acquiring an additional 25,817 shares in the last quarter. Finally, Hodges Capital Management Inc. bought a new position in Abraxas Petroleum during the 2nd quarter worth about $104,000. Institutional investors own 51.42% of the company’s stock.

The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.47 and a current ratio of 0.47. The company’s fifty day simple moving average is $0.36 and its 200-day simple moving average is $0.77. The company has a market capitalization of $56.23 million, a P/E ratio of 1.61 and a beta of 1.69.

Abraxas Petroleum Company Profile (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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