Abraxas Petroleum (NASDAQ:AXAS) Shares Down 5.9%

Abraxas Petroleum Corp. (NASDAQ:AXAS) shares were down 5.9% during mid-day trading on Tuesday . The company traded as low as $0.23 and last traded at $0.23, approximately 4,822,291 shares traded hands during trading. A decline of 39% from the average daily volume of 7,965,204 shares. The stock had previously closed at $0.25.

A number of equities analysts have issued reports on AXAS shares. ValuEngine cut Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Stephens cut Abraxas Petroleum from an “equal weight” rating to an “underweight” rating in a report on Friday, March 20th. Zacks Investment Research upgraded Abraxas Petroleum from a “hold” rating to a “buy” rating and set a $0.25 target price on the stock in a report on Friday, June 19th. Canaccord Genuity restated a “hold” rating on shares of Abraxas Petroleum in a report on Tuesday, March 17th. Finally, Stifel Nicolaus cut Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Monday, March 9th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. Abraxas Petroleum currently has a consensus rating of “Hold” and an average price target of $0.63.

The stock has a market cap of $41.63 million, a price-to-earnings ratio of 0.65 and a beta of 3.43. The company has a 50-day simple moving average of $0.25 and a two-hundred day simple moving average of $0.24. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.74 and a current ratio of 0.74.

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its position in shares of Abraxas Petroleum by 284.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 117,074 shares of the energy company’s stock worth $41,000 after buying an additional 86,620 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Abraxas Petroleum by 26.3% in the 1st quarter. Wells Fargo & Company MN now owns 336,698 shares of the energy company’s stock worth $43,000 after purchasing an additional 70,102 shares in the last quarter. Barclays PLC increased its holdings in Abraxas Petroleum by 100.9% in the 4th quarter. Barclays PLC now owns 163,254 shares of the energy company’s stock worth $57,000 after purchasing an additional 82,012 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Abraxas Petroleum by 914.3% in the 4th quarter. Panagora Asset Management Inc. now owns 198,977 shares of the energy company’s stock worth $70,000 after purchasing an additional 179,360 shares in the last quarter. Finally, UBS Group AG increased its holdings in Abraxas Petroleum by 129.3% in the 4th quarter. UBS Group AG now owns 301,279 shares of the energy company’s stock worth $106,000 after purchasing an additional 169,916 shares in the last quarter. Hedge funds and other institutional investors own 28.73% 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.

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