Canaccord Genuity Reiterates Buy Rating for Abraxas Petroleum (AXAS)
Canaccord Genuity restated their buy rating on shares of Abraxas Petroleum (NASDAQ:AXAS) in a research report released on Wednesday. Canaccord Genuity currently has a $3.00 price target on the energy company’s stock.
“We believe this bodes well for AXAS in 2018, as the company plans to drill 10 gross (7 net) Permian wells over the next 12 months, in addition to its Bakken/Three Forks program. Abraxas had a busy Q4 in the field, and we expect an operations update in the coming days with up to eight well results. AXAS continues to trade at a discount to NAV and peers. We reiterate our BUY rating and our $3.00 price target.”,” Canaccord Genuity’s analyst commented.
AXAS has been the topic of a number of other reports. BidaskClub upgraded Abraxas Petroleum from a hold rating to a buy rating in a report on Thursday, December 21st. Zacks Investment Research upgraded Abraxas Petroleum from a hold rating to a buy rating and set a $2.25 price target on the stock in a report on Wednesday, October 11th. Robert W. Baird upgraded Abraxas Petroleum from a neutral rating to an outperform rating and set a $3.00 price target on the stock in a report on Tuesday, December 19th. Finally, Stifel Nicolaus set a $2.00 price target on Abraxas Petroleum and gave the company 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 has an average rating of Buy and a consensus target price of $2.55.
Abraxas Petroleum (NASDAQ:AXAS) last released its quarterly earnings data on Tuesday, November 7th. The energy company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $24.70 million for the quarter, compared to analysts’ expectations of $25.38 million. Abraxas Petroleum had a return on equity of 17.00% and a net margin of 18.83%. The company’s revenue for the quarter was up 76.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.02) earnings per share. equities analysts predict that Abraxas Petroleum will post 0.14 earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in AXAS. Foundry Partners LLC purchased a new position in shares of Abraxas Petroleum in the 4th quarter valued at $3,676,000. Vanguard Group Inc. increased its holdings in shares of Abraxas Petroleum by 15.3% in the 2nd quarter. Vanguard Group Inc. now owns 8,322,387 shares of the energy company’s stock valued at $13,483,000 after acquiring an additional 1,106,142 shares during the period. QS Investors LLC increased its holdings in shares of Abraxas Petroleum by 1,359.7% in the 2nd quarter. QS Investors LLC now owns 835,665 shares of the energy company’s stock valued at $1,354,000 after acquiring an additional 778,417 shares during the period. Mckinley Capital Management LLC Delaware purchased a new position in shares of Abraxas Petroleum in the 3rd quarter valued at $1,342,000. Finally, TIAA CREF Investment Management LLC boosted its position in shares of Abraxas Petroleum by 114.5% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,184,780 shares of the energy company’s stock worth $1,919,000 after purchasing an additional 632,370 shares in the last quarter. Institutional investors and hedge funds own 46.02% of the company’s stock.
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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