Point72 Asset Management L.P. bought a new position in Abraxas Petroleum Corporation (NASDAQ:AXAS) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,285,000 shares of the energy company’s stock, valued at approximately $2,596,000.
Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Abraxas Petroleum Corporation by 42.1% in the first quarter. Vanguard Group Inc. now owns 7,216,245 shares of the energy company’s stock worth $14,577,000 after buying an additional 2,136,606 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Abraxas Petroleum Corporation by 56.2% in the first quarter. JPMorgan Chase & Co. now owns 4,464,294 shares of the energy company’s stock worth $9,018,000 after buying an additional 1,606,737 shares during the period. Formula Growth Ltd. bought a new stake in shares of Abraxas Petroleum Corporation during the first quarter worth about $5,878,000. Thomson Horstmann & Bryant Inc. increased its stake in shares of Abraxas Petroleum Corporation by 17.3% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 2,290,711 shares of the energy company’s stock worth $4,627,000 after buying an additional 337,770 shares during the period. Finally, Wellington Management Group LLP bought a new stake in shares of Abraxas Petroleum Corporation during the first quarter worth about $3,735,000. 43.27% of the stock is owned by institutional investors and hedge funds.
Shares of Abraxas Petroleum Corporation (NASDAQ:AXAS) opened at 1.55 on Monday. The company’s 50 day moving average price is $1.82 and its 200-day moving average price is $2.13. The firm’s market capitalization is $251.65 million. Abraxas Petroleum Corporation has a 12 month low of $1.09 and a 12 month high of $2.99.
Abraxas Petroleum Corporation (NASDAQ:AXAS) last announced its quarterly earnings results on Tuesday, May 9th. The energy company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The company had revenue of $18.80 million during the quarter, compared to analyst estimates of $19.87 million. Abraxas Petroleum Corporation had a negative return on equity of 8.05% and a negative net margin of 63.54%. The firm’s revenue was up 95.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) earnings per share. On average, equities analysts predict that Abraxas Petroleum Corporation will post $0.14 earnings per share for the current fiscal year.
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AXAS has been the subject of a number of recent research reports. Zacks Investment Research raised Abraxas Petroleum Corporation from a “hold” rating to a “buy” rating and set a $2.00 target price for the company in a research note on Friday, March 17th. Stifel Nicolaus raised their price objective on Abraxas Petroleum Corporation from $2.40 to $2.60 and gave the stock a “buy” rating in a research report on Thursday, May 25th. Canaccord Genuity reissued a “buy” rating and set a $3.00 price objective on shares of Abraxas Petroleum Corporation in a research report on Tuesday, July 4th. Finally, Seaport Global Securities downgraded Abraxas Petroleum Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $3.25 to $2.00 in a research report on Wednesday, June 21st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Abraxas Petroleum Corporation currently has a consensus rating of “Buy” and an average price target of $2.64.
About Abraxas Petroleum Corporation
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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