Abraxas Petroleum (NASDAQ:AXAS) Stock Price Down 7.7%

Abraxas Petroleum Corp. (NASDAQ:AXAS) was down 7.7% on Monday . The company traded as low as $0.24 and last traded at $0.24, approximately 1,509,249 shares changed hands during mid-day trading. An increase of 26% from the average daily volume of 1,196,100 shares. The stock had previously closed at $0.26.

A number of equities research analysts have recently weighed in on AXAS shares. Zacks Investment Research downgraded shares of Abraxas Petroleum from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 29th. LADENBURG THALM/SH SH cut shares of Abraxas Petroleum from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $2.00 to $1.00 in a research note on Monday, August 26th. ValuEngine cut shares of Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Friday, November 1st. Johnson Rice cut shares of Abraxas Petroleum from a “buy” rating to an “accumulate” rating in a research note on Tuesday, November 19th. Finally, Seaport Global Securities cut shares of Abraxas Petroleum from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $2.00.

The stock has a market cap of $43.28 million, a P/E ratio of 1.35 and a beta of 1.69. The business’s 50 day simple moving average is $0.31 and its two-hundred day simple moving average is $0.69. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.17.

Abraxas Petroleum (NASDAQ:AXAS) last issued its quarterly earnings results on Wednesday, November 13th. The energy company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $31.54 million for the quarter, compared to analyst estimates of $34.15 million. Abraxas Petroleum had a return on equity of 9.26% and a net margin of 43.17%. As a group, research analysts forecast that Abraxas Petroleum Corp. will post 0.09 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in AXAS. State Street Corp raised 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 purchasing an additional 178,655 shares during the period. Monarch Partners Asset Management LLC increased its position in shares of Abraxas Petroleum by 22.4% during the third quarter. Monarch Partners Asset Management LLC now owns 472,592 shares of the energy company’s stock worth $240,000 after acquiring an additional 86,640 shares in the last quarter. Sigma Planning Corp increased its position 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 worth $461,000 after acquiring an additional 184,000 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Abraxas Petroleum during the third quarter worth about $61,000. Finally, California Public Employees Retirement System increased its position in shares of 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 worth $527,000 after acquiring an additional 56,800 shares in the last quarter. Institutional investors and hedge funds own 45.79% of the company’s stock.

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.

Featured Article: Bond

Receive News & Ratings for Abraxas Petroleum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Abraxas Petroleum and related companies with MarketBeat.com's FREE daily email newsletter.