Zacks Investment Research upgraded shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) from a hold rating to a buy rating in a research report sent to investors on Friday. They currently have $2.00 price target on the energy company’s stock.

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. “

Several other analysts have also recently weighed in on the stock. Canaccord Genuity set a $3.00 target price on shares of Abraxas Petroleum Corp. and gave the company a buy rating in a report on Tuesday, March 14th. Seaport Global Securities raised shares of Abraxas Petroleum Corp. from an accumulate rating to a buy rating in a report on Wednesday, February 1st. Finally, Stifel Nicolaus raised shares of Abraxas Petroleum Corp. from a hold rating to a buy rating and raised their target price for the company from $3.00 to $3.50 in a report on Friday, January 20th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Abraxas Petroleum Corp. currently has an average rating of Buy and an average price target of $2.64.

Abraxas Petroleum Corp. (NASDAQ:AXAS) traded up 6.09% during mid-day trading on Friday, reaching $2.09. 2,722,368 shares of the company’s stock traded hands. The stock’s 50 day moving average is $2.17 and its 200-day moving average is $2.04. The stock’s market capitalization is $279.19 million. Abraxas Petroleum Corp. has a 52 week low of $0.89 and a 52 week high of $2.99.

Abraxas Petroleum Corp. (NASDAQ:AXAS) last issued its earnings results on Tuesday, March 14th. The energy company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $22 million for the quarter, compared to analysts’ expectations of $20.19 million. Abraxas Petroleum Corp. had a negative net margin of 330.92% and a negative return on equity of 28.12%. The firm’s revenue was up 65.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.02) earnings per share. On average, equities analysts anticipate that Abraxas Petroleum Corp. will post $0.15 EPS for the current year.

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A number of institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC bought a new position in shares of Abraxas Petroleum Corp. during the fourth quarter valued at approximately $275,000. Metropolitan Life Insurance Co. NY bought a new position in shares of Abraxas Petroleum Corp. during the fourth quarter valued at approximately $233,000. Tudor Investment Corp Et Al bought a new position in shares of Abraxas Petroleum Corp. during the fourth quarter valued at approximately $106,000. Lyon Street Capital LLC bought a new position in shares of Abraxas Petroleum Corp. during the fourth quarter valued at approximately $1,293,000. Finally, Two Sigma Investments LP bought a new position in shares of Abraxas Petroleum Corp. during the fourth quarter valued at approximately $1,569,000. Institutional investors own 35.17% of the company’s stock.

Abraxas Petroleum Corp. Company Profile

Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company.

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