Shares of Abraxas Petroleum Corp. (NASDAQ:AXAS) hit a new 52-week low during trading on Thursday . The stock traded as low as $1.57 and last traded at $1.57, with a volume of 60145 shares changing hands. The stock had previously closed at $1.69.

Several analysts recently commented on AXAS shares. Canaccord Genuity reiterated a “buy” rating and issued a $3.50 target price on shares of Abraxas Petroleum in a report on Tuesday, August 28th. BidaskClub cut Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 6th. ValuEngine cut Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a report on Thursday, November 1st. Stephens started coverage on Abraxas Petroleum in a report on Thursday. They issued a “weight” rating and a $3.00 target price on the stock. Finally, Zacks Investment Research upgraded Abraxas Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, November 27th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $3.63.

The firm has a market cap of $259.90 million, a P/E ratio of 12.92 and a beta of 1.10. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.49 and a quick ratio of 0.49.

Abraxas Petroleum (NASDAQ:AXAS) last announced its earnings results on Wednesday, November 7th. The energy company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Abraxas Petroleum had a positive return on equity of 30.57% and a negative net margin of 1.48%. The business had revenue of $41.63 million for the quarter, compared to analysts’ expectations of $33.37 million. Equities analysts expect that Abraxas Petroleum Corp. will post 0.25 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of AXAS. Bank of Montreal Can acquired a new position in Abraxas Petroleum in the second quarter valued at approximately $1,148,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Abraxas Petroleum by 57.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 519,239 shares of the energy company’s stock valued at $1,501,000 after buying an additional 189,255 shares during the period. Wasatch Advisors Inc. lifted its stake in Abraxas Petroleum by 13.9% in the second quarter. Wasatch Advisors Inc. now owns 1,193,958 shares of the energy company’s stock valued at $3,451,000 after buying an additional 145,761 shares during the period. EAM Investors LLC acquired a new position in Abraxas Petroleum in the second quarter valued at approximately $965,000. Finally, EAM Global Investors LLC acquired a new position in Abraxas Petroleum in the second quarter valued at approximately $1,216,000. 58.57% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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