Fmr LLC Cuts Stake in Abraxas Petroleum Corp. (AXAS)

Fmr LLC cut its position in Abraxas Petroleum Corp. (NASDAQ:AXAS) by 33.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 206,900 shares of the energy company’s stock after selling 104,700 shares during the period. Fmr LLC’s holdings in Abraxas Petroleum were worth $482,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AXAS. Schwab Charles Investment Management Inc. increased its holdings in shares of Abraxas Petroleum by 65.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 717,032 shares of the energy company’s stock valued at $2,073,000 after purchasing an additional 284,577 shares during the period. BlackRock Inc. boosted its stake in shares of Abraxas Petroleum by 7.9% in the second quarter. BlackRock Inc. now owns 11,633,452 shares of the energy company’s stock worth $33,622,000 after buying an additional 847,643 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Abraxas Petroleum by 56.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,231,327 shares of the energy company’s stock worth $12,229,000 after buying an additional 1,526,579 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Abraxas Petroleum by 15.0% in the second quarter. Renaissance Technologies LLC now owns 621,300 shares of the energy company’s stock worth $1,796,000 after buying an additional 80,900 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Abraxas Petroleum by 99.1% in the second 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 last quarter. 58.47% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently commented on AXAS shares. ValuEngine downgraded Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. BidaskClub downgraded Abraxas Petroleum from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 6th. Zacks Investment Research downgraded Abraxas Petroleum from a “hold” rating to a “sell” rating in a research report on Monday, November 12th. Finally, Stephens assumed coverage on Abraxas Petroleum in a research report on Thursday, December 6th. They set a “weight” rating and a $3.00 price target on the stock. Three research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. Abraxas Petroleum presently has a consensus rating of “Hold” and an average price target of $3.83.

In other news, CEO Robert L. G. Watson bought 174,652 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The shares were acquired at an average price of $1.14 per share, for a total transaction of $199,103.28. Following the completion of the transaction, the chief executive officer now directly owns 1,394,867 shares in the company, valued at approximately $1,590,148.38. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 5.50% of the company’s stock.

NASDAQ AXAS opened at $1.35 on Friday. The company has a market capitalization of $239.91 million, a PE ratio of 11.25 and a beta of 1.50. Abraxas Petroleum Corp. has a 1-year low of $0.90 and a 1-year high of $3.27. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.35.

Abraxas Petroleum (NASDAQ:AXAS) last released its earnings results on Wednesday, November 7th. The energy company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $41.63 million for the quarter, compared to the consensus estimate of $33.37 million. Abraxas Petroleum had a positive return on equity of 30.57% and a negative net margin of 1.48%. On average, research analysts predict that Abraxas Petroleum Corp. will post 0.23 earnings per share for the current fiscal year.

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About Abraxas Petroleum

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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Institutional Ownership by Quarter for Abraxas Petroleum (NASDAQ:AXAS)

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