Cadence Capital Management LLC increased its holdings in Abraxas Petroleum Corporation (NASDAQ:AXAS) by 54.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 929,532 shares of the energy company’s stock after acquiring an additional 327,269 shares during the quarter. Cadence Capital Management LLC owned approximately 0.57% of Abraxas Petroleum worth $1,748,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Abraxas Petroleum by 42.1% in the 1st quarter. Vanguard Group Inc. now owns 7,216,245 shares of the energy company’s stock valued at $14,577,000 after purchasing an additional 2,136,606 shares during the last quarter. QS Investors LLC raised its position in shares of Abraxas Petroleum by 1,359.7% in the 2nd quarter. QS Investors LLC now owns 835,665 shares of the energy company’s stock valued at $1,354,000 after purchasing an additional 778,417 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Abraxas Petroleum by 114.5% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,184,780 shares of the energy company’s stock valued at $1,919,000 after purchasing an additional 632,370 shares during the last quarter. Formula Growth Ltd. raised its position in shares of Abraxas Petroleum by 19.1% in the 2nd quarter. Formula Growth Ltd. now owns 3,464,682 shares of the energy company’s stock valued at $5,613,000 after purchasing an additional 554,593 shares during the last quarter. Finally, Macquarie Group Ltd. purchased a new position in shares of Abraxas Petroleum in the 3rd quarter valued at approximately $971,000. 45.91% of the stock is owned by institutional investors.
Several equities analysts recently weighed in on the stock. Canaccord Genuity reiterated a “buy” rating on shares of Abraxas Petroleum in a report on Friday, September 8th. Stifel Nicolaus set a $2.00 price target on shares of Abraxas Petroleum and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, Zacks Investment Research downgraded shares of Abraxas Petroleum from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $2.31.
Shares of Abraxas Petroleum Corporation (NASDAQ:AXAS) opened at $2.10 on Friday. The company has a market cap of $353.42, a P/E ratio of 23.00 and a beta of 1.42. Abraxas Petroleum Corporation has a one year low of $1.45 and a one year high of $2.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48.
Abraxas Petroleum (NASDAQ:AXAS) last issued its quarterly earnings data on Tuesday, November 7th. The energy company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The firm had revenue of $24.70 million for the quarter, compared to analyst estimates of $25.38 million. Abraxas Petroleum had a return on equity of 17.00% and a net margin of 18.83%. Abraxas Petroleum’s revenue for the quarter was up 76.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.02) EPS. research analysts forecast that Abraxas Petroleum Corporation will post 0.15 earnings per share for the current fiscal year.
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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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