Abraxas Petroleum Corporation (AXAS) Sees Significant Increase in Short Interest
Abraxas Petroleum Corporation (NASDAQ:AXAS) was the recipient of a large growth in short interest in the month of December. As of December 29th, there was short interest totalling 2,537,615 shares, a growth of 58.0% from the December 15th total of 1,606,072 shares. Based on an average trading volume of 1,814,525 shares, the short-interest ratio is currently 1.4 days. Currently, 1.6% of the company’s stock are sold short.
Shares of Abraxas Petroleum (AXAS) opened at $2.62 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The firm has a market capitalization of $434.63, a P/E ratio of 29.11 and a beta of 1.42. Abraxas Petroleum has a 52 week low of $1.45 and a 52 week high of $2.88.
Abraxas Petroleum (NASDAQ:AXAS) last posted its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). Abraxas Petroleum had a return on equity of 17.00% and a net margin of 18.83%. The company had revenue of $24.70 million during the quarter, compared to analysts’ expectations of $25.38 million. During the same quarter in the previous year, the company earned ($0.02) EPS. The business’s quarterly revenue was up 76.4% on a year-over-year basis. analysts forecast that Abraxas Petroleum will post 0.14 earnings per share for the current fiscal year.
A number of research analysts have weighed in on the company. BidaskClub upgraded Abraxas Petroleum from a “buy” rating to a “strong-buy” rating in a report on Friday, January 5th. Robert W. Baird upgraded Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 target price on the stock in a report on Tuesday, December 19th. Zacks Investment Research downgraded Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Finally, Stifel Nicolaus set a $2.00 target price on Abraxas Petroleum and gave the stock a “buy” rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $2.45.
Institutional investors and hedge funds have recently modified their holdings of the business. Susquehanna International Group LLP boosted its stake in Abraxas Petroleum by 73.0% during the 2nd quarter. Susquehanna International Group LLP now owns 67,792 shares of the energy company’s stock valued at $110,000 after purchasing an additional 28,606 shares during the last quarter. Voya Investment Management LLC boosted its stake in Abraxas Petroleum by 24.5% during the 2nd quarter. Voya Investment Management LLC now owns 73,546 shares of the energy company’s stock valued at $119,000 after purchasing an additional 14,483 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Abraxas Petroleum by 149.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 67,101 shares of the energy company’s stock valued at $126,000 after purchasing an additional 40,200 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Abraxas Petroleum by 106.5% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 81,798 shares of the energy company’s stock valued at $154,000 after purchasing an additional 42,188 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in Abraxas Petroleum by 784.5% during the 2nd quarter. Citigroup Inc. now owns 95,544 shares of the energy company’s stock valued at $155,000 after purchasing an additional 84,742 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.
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About Abraxas Petroleum
Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2016, the Company’s estimated net proved reserves were 44.7 million barrels of oil equivalent (MMBoe), of which 33.6% were classified as proved developed, 74% were oil and natural gas liquids (NGL), and 95% of which (on a PV-10 basis) were operated by the Company.
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