Wall Street brokerages expect Abraxas Petroleum Corporation (NASDAQ:AXAS) to report sales of $32.77 million for the current quarter, according to Zacks. Three analysts have made estimates for Abraxas Petroleum’s earnings, with estimates ranging from $31.00 million to $34.50 million. Abraxas Petroleum posted sales of $22.01 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 48.9%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, March 13th.

According to Zacks, analysts expect that Abraxas Petroleum will report full year sales of $32.77 million for the current year, with estimates ranging from $88.00 million to $91.20 million. For the next year, analysts forecast that the firm will report sales of $154.27 million per share, with estimates ranging from $150.70 million to $161.10 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Abraxas Petroleum.

Abraxas Petroleum (NASDAQ:AXAS) last issued its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $24.70 million during the quarter, compared to the consensus estimate of $25.38 million. Abraxas Petroleum had a return on equity of 17.00% and a net margin of 18.83%. The firm’s quarterly revenue was up 76.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) earnings per share.

A number of brokerages recently issued reports on AXAS. BidaskClub upgraded Abraxas Petroleum from a “buy” rating to a “strong-buy” rating in a research report on Friday. Robert W. Baird upgraded Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 price target for the company in a research report on Tuesday, December 19th. Zacks Investment Research downgraded Abraxas Petroleum from a “buy” rating to a “hold” rating in a research 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 research report on Thursday, October 5th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $2.45.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Abraxas Petroleum by 15.3% during the second quarter. Vanguard Group Inc. now owns 8,322,387 shares of the energy company’s stock worth $13,483,000 after purchasing an additional 1,106,142 shares during the last quarter. Formula Growth Ltd. lifted its position in shares of Abraxas Petroleum by 7.2% during the third quarter. Formula Growth Ltd. now owns 3,714,682 shares of the energy company’s stock worth $6,984,000 after purchasing an additional 250,000 shares during the last quarter. State Street Corp lifted its position in shares of Abraxas Petroleum by 12.1% during the second quarter. State Street Corp now owns 2,550,295 shares of the energy company’s stock worth $4,133,000 after purchasing an additional 274,421 shares during the last quarter. Northern Trust Corp lifted its position in shares of Abraxas Petroleum by 8.2% during the second quarter. Northern Trust Corp now owns 2,114,272 shares of the energy company’s stock worth $3,425,000 after purchasing an additional 160,223 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Abraxas Petroleum by 15.6% during the second quarter. Van ECK Associates Corp now owns 1,497,700 shares of the energy company’s stock worth $2,426,000 after purchasing an additional 202,500 shares during the last quarter. Institutional investors and hedge funds own 45.82% of the company’s stock.

Shares of Abraxas Petroleum (NASDAQ AXAS) opened at $2.51 on Tuesday. The stock has a market capitalization of $416.38, a price-to-earnings ratio of 27.89 and a beta of 1.42. Abraxas Petroleum has a 52-week low of $1.45 and a 52-week high of $2.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48.

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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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