Zacks Investment Research Upgrades Abraxas Petroleum (NASDAQ:AXAS) to Hold

Abraxas Petroleum (NASDAQ:AXAS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Abraxas Petroleum Corporation is an independent energy company engaged primarily in the acquisition, exploration, exploitation and production of crude oil and natural gas. They seek to complement their acquisition and development activities by selectively participating in exploration projects with experienced industry partners. “

Other equities analysts have also issued research reports about the company. Seaport Global Securities lowered Abraxas Petroleum from a “buy” rating to a “neutral” rating in a research report on Thursday, October 10th. ValuEngine raised Abraxas Petroleum from a “strong sell” rating to a “sell” rating in a research report on Friday, January 3rd. Finally, Johnson Rice lowered Abraxas Petroleum from a “buy” rating to an “accumulate” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $1.00.

Abraxas Petroleum stock traded down $0.01 on Wednesday, hitting $0.30. 28,979 shares of the stock traded hands, compared to its average volume of 1,585,317. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.17. The firm has a market cap of $52.46 million, a P/E ratio of 0.86 and a beta of 1.77. The business’s fifty day simple moving average is $0.34 and its 200 day simple moving average is $0.48. Abraxas Petroleum has a 1 year low of $0.22 and a 1 year high of $1.55.

Abraxas Petroleum (NASDAQ:AXAS) last announced its quarterly earnings data on Wednesday, November 13th. The energy company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $31.54 million for the quarter, compared to analysts’ expectations of $34.15 million. Abraxas Petroleum had a net margin of 43.17% and a return on equity of 9.26%. As a group, analysts predict that Abraxas Petroleum will post 0.08 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System lifted its position in Abraxas Petroleum by 5.8% during the third quarter. California Public Employees Retirement System now owns 1,037,500 shares of the energy company’s stock valued at $527,000 after buying an additional 56,800 shares during the period. State Street Corp increased its holdings in shares of Abraxas Petroleum by 6.6% during the third quarter. State Street Corp now owns 2,902,957 shares of the energy company’s stock valued at $1,473,000 after acquiring an additional 178,655 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Abraxas Petroleum by 1.0% during the second quarter. BlackRock Inc. now owns 11,604,693 shares of the energy company’s stock valued at $11,953,000 after acquiring an additional 112,823 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of Abraxas Petroleum during the third quarter valued at $61,000. Finally, Sigma Planning Corp increased its holdings in shares of Abraxas Petroleum by 25.4% during the third quarter. Sigma Planning Corp now owns 907,900 shares of the energy company’s stock valued at $461,000 after acquiring an additional 184,000 shares in the last quarter. 45.73% of the stock is owned by institutional investors and hedge funds.

About Abraxas Petroleum

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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