Analysts Anticipate Abraxas Petroleum Corp. (AXAS) Will Post Quarterly Sales of $44.17 Million

Equities analysts predict that Abraxas Petroleum Corp. (NASDAQ:AXAS) will announce sales of $44.17 million for the current quarter, Zacks reports. Three analysts have issued estimates for Abraxas Petroleum’s earnings, with estimates ranging from $42.00 million to $46.30 million. Abraxas Petroleum reported sales of $29.59 million during the same quarter last year, which indicates a positive year over year growth rate of 49.3%. The company is scheduled to report its next earnings results on Tuesday, March 12th.

On average, analysts expect that Abraxas Petroleum will report full year sales of $148.87 million for the current financial year, with estimates ranging from $144.00 million to $156.40 million. For the next fiscal year, analysts anticipate that the firm will post sales of $200.63 million, with estimates ranging from $191.00 million to $206.20 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Abraxas Petroleum.

Abraxas Petroleum (NASDAQ:AXAS) last posted its quarterly earnings data on Wednesday, November 7th. The energy company reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Abraxas Petroleum had a negative net margin of 3.70% and a positive return on equity of 28.33%. The firm had revenue of $41.63 million for the quarter, compared to the consensus estimate of $33.37 million.

Several equities analysts have recently issued reports on AXAS shares. ValuEngine upgraded shares of Abraxas Petroleum from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. BidaskClub downgraded shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Friday, July 13th. Stifel Nicolaus set a $5.00 price objective on shares of Abraxas Petroleum and gave the company a “buy” rating in a report on Thursday, July 19th. TheStreet downgraded shares of Abraxas Petroleum from a “c” rating to a “d+” rating in a report on Wednesday, August 8th. Finally, Canaccord Genuity restated a “buy” rating and set a $3.50 price objective on shares of Abraxas Petroleum in a report on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $3.83.

Large investors have recently modified their holdings of the stock. Zebra Capital Management LLC acquired a new position in Abraxas Petroleum in the 2nd quarter worth approximately $130,000. Salem Investment Counselors Inc. acquired a new position in Abraxas Petroleum in the 2nd quarter worth approximately $154,000. Cubist Systematic Strategies LLC increased its holdings in Abraxas Petroleum by 301.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 56,052 shares of the energy company’s stock worth $162,000 after buying an additional 42,090 shares during the period. Bank of America Corp DE increased its holdings in Abraxas Petroleum by 99.1% in the 2nd quarter. Bank of America Corp DE now owns 79,151 shares of the energy company’s stock worth $228,000 after buying an additional 39,393 shares during the period. Finally, LSV Asset Management acquired a new position in Abraxas Petroleum in the 2nd quarter worth approximately $240,000. Institutional investors own 59.99% of the company’s stock.

Shares of AXAS remained flat at $$1.82 during mid-day trading on Friday. 1,730,595 shares of the stock traded hands, compared to its average volume of 1,329,019. Abraxas Petroleum has a 12-month low of $1.76 and a 12-month high of $3.27. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $300.08 million, a P/E ratio of 15.17 and a beta of 1.22.

Abraxas Petroleum Company Profile

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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Earnings History and Estimates for Abraxas Petroleum (NASDAQ:AXAS)

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