Analysts forecast that Abraxas Petroleum Corp. (NASDAQ:AXAS) will post $38.85 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Abraxas Petroleum’s earnings, with the highest sales estimate coming in at $38.90 million and the lowest estimate coming in at $38.80 million. Abraxas Petroleum posted sales of $18.80 million during the same quarter last year, which suggests a positive year-over-year growth rate of 106.6%. The company is scheduled to announce its next earnings results on Tuesday, May 8th.
According to Zacks, analysts expect that Abraxas Petroleum will report full-year sales of $38.85 million for the current financial year, with estimates ranging from $161.00 million to $171.60 million. For the next year, analysts expect that the firm will post sales of $206.60 million per share, with estimates ranging from $194.00 million to $219.20 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Abraxas Petroleum.
Abraxas Petroleum (NASDAQ:AXAS) last posted its quarterly earnings data on Tuesday, March 13th. The energy company reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. The company had revenue of $29.60 million for the quarter, compared to analyst estimates of $28.86 million. Abraxas Petroleum had a net margin of 18.56% and a return on equity of 19.32%. Abraxas Petroleum’s quarterly revenue was up 34.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 earnings per share.
A number of research analysts have commented on the stock. BidaskClub upgraded shares of Abraxas Petroleum from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Robert W. Baird raised shares of Abraxas Petroleum from a “neutral” rating to an “outperform” rating and set a $3.00 target price on the stock in a report on Tuesday, December 19th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $3.70 target price (up previously from $3.20) on shares of Abraxas Petroleum in a report on Wednesday, March 14th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $3.00 target price on shares of Abraxas Petroleum in a report on Wednesday, January 24th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Abraxas Petroleum presently has an average rating of “Buy” and an average target price of $3.09.
AXAS stock traded down $0.02 during midday trading on Friday, reaching $2.24. 773,956 shares of the company’s stock were exchanged, compared to its average volume of 1,095,627. The company has a current ratio of 0.50, a quick ratio of 0.48 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $378.23, a price-to-earnings ratio of 20.37 and a beta of 1.44. Abraxas Petroleum has a one year low of $1.45 and a one year high of $2.74.
Several large investors have recently modified their holdings of AXAS. Northern Trust Corp boosted its holdings in shares of Abraxas Petroleum by 8.2% in the second quarter. Northern Trust Corp now owns 2,114,272 shares of the energy company’s stock valued at $3,425,000 after acquiring an additional 160,223 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Abraxas Petroleum by 15.3% in the second quarter. Vanguard Group Inc. now owns 8,322,387 shares of the energy company’s stock valued at $13,483,000 after acquiring an additional 1,106,142 shares in the last quarter. Voya Investment Management LLC boosted its holdings in shares of Abraxas Petroleum by 24.5% in the second quarter. Voya Investment Management LLC now owns 73,546 shares of the energy company’s stock valued at $119,000 after acquiring an additional 14,483 shares in the last quarter. State Street Corp boosted its holdings in shares of Abraxas Petroleum by 12.1% in the second quarter. State Street Corp now owns 2,550,295 shares of the energy company’s stock valued at $4,133,000 after acquiring an additional 274,421 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Abraxas Petroleum by 31.6% in the second quarter. The Manufacturers Life Insurance Company now owns 134,239 shares of the energy company’s stock valued at $217,000 after acquiring an additional 32,205 shares in the last quarter. 51.84% of the stock is currently owned by institutional investors and hedge funds.
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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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