Abraxas Petroleum (AXAS) Rating Lowered to Strong Sell at ValuEngine

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ValuEngine downgraded shares of Abraxas Petroleum (NASDAQ:AXAS) from a sell rating to a strong sell rating in a report published on Thursday morning.

AXAS has been the subject of several other reports. Canaccord Genuity reissued a buy rating and set a $3.50 target price on shares of Abraxas Petroleum in a research report on Tuesday, August 28th. Stifel Nicolaus set a $5.00 target price on shares of Abraxas Petroleum and gave the stock a buy rating in a research report on Thursday, July 19th. Seaport Global Securities restated a buy rating on shares of Abraxas Petroleum in a report on Friday, July 20th. BidaskClub cut shares of Abraxas Petroleum from a hold rating to a sell rating in a report on Saturday, August 4th. Finally, TheStreet cut shares of Abraxas Petroleum from a c rating to a d+ rating in a report on Wednesday, August 8th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $3.83.

AXAS opened at $1.78 on Thursday. Abraxas Petroleum has a 1-year low of $1.76 and a 1-year high of $3.27. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $296.75 million, a price-to-earnings ratio of 14.83 and a beta of 1.22.

Abraxas Petroleum (NASDAQ:AXAS) last posted its quarterly earnings results on Tuesday, August 7th. The energy company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $30.92 million during the quarter, compared to the consensus estimate of $31.93 million. Abraxas Petroleum had a negative net margin of 3.70% and a positive return on equity of 28.33%. On average, equities analysts predict that Abraxas Petroleum will post 0.25 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in Abraxas Petroleum by 7.9% in the second quarter. BlackRock Inc. now owns 11,633,452 shares of the energy company’s stock valued at $33,622,000 after acquiring an additional 847,643 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Abraxas Petroleum by 56.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,231,327 shares of the energy company’s stock valued at $12,229,000 after acquiring an additional 1,526,579 shares during the last quarter. Heartland Advisors Inc. lifted its stake in shares of Abraxas Petroleum by 7.1% during the 2nd quarter. Heartland Advisors Inc. now owns 2,355,800 shares of the energy company’s stock valued at $6,808,000 after buying an additional 156,300 shares in the last quarter. Foundry Partners LLC lifted its stake in shares of Abraxas Petroleum by 23.8% during the 2nd quarter. Foundry Partners LLC now owns 2,258,405 shares of the energy company’s stock valued at $6,527,000 after buying an additional 433,480 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Abraxas Petroleum by 8.0% during the 2nd quarter. Northern Trust Corp now owns 2,229,415 shares of the energy company’s stock valued at $6,444,000 after buying an additional 165,468 shares in the last quarter. Hedge funds and other institutional investors own 59.99% of the company’s stock.

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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