Price Don’t Lie: What Next for Abraxas Petroleum Corp. Stock After Reaching 52-Week High?

Price Don't Lie: What Next for Abraxas Petroleum Corp. Stock After Reaching 52 Week High?

The stock of Abraxas Petroleum Corp. (NASDAQ:AXAS) hit a new 52-week high and has $2.13 target or 4.00% above today’s $2.05 share price. The 8 months bullish chart indicates low risk for the $269.25 million company. The 1-year high was reported on Nov, 30 by Barchart.com. If the $2.13 price target is reached, the company will be worth $10.77M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 230,571 shares traded hands. Abraxas Petroleum Corp. (NASDAQ:AXAS) has risen 46.83% since April 27, 2016 and is uptrending. It has outperformed by 41.60% the S&P500.

Analysts await Abraxas Petroleum Corp. (NASDAQ:AXAS) to report earnings on March, 21. They expect $-0.01 earnings per share, up 50.00% or $0.01 from last year’s $-0.02 per share. After $-0.02 actual earnings per share reported by Abraxas Petroleum Corp. for the previous quarter, Wall Street now forecasts -50.00% EPS growth.

Abraxas Petroleum Corp. (NASDAQ:AXAS) Ratings Coverage

Out of 7 analysts covering Abraxas Petroleum (NASDAQ:AXAS), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $4 is the highest target while $1 is the lowest. The $2.19 average target is 6.83% above today’s ($2.05) stock price. Abraxas Petroleum has been the topic of 17 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Friday, September 4 by Euro Pacific Capital. On Thursday, December 17 the stock rating was maintained by Imperial Capital with “In-Line”. The rating was maintained by Canaccord Genuity with “Buy” on Friday, August 7. The firm earned “In-Line” rating on Friday, September 11 by Imperial Capital. The firm has “Buy” rating given on Friday, October 21 by Rodman & Renshaw. Cowen & Co upgraded Abraxas Petroleum Corp. (NASDAQ:AXAS) on Monday, April 18 to “Outperform” rating. The firm earned “Buy” rating on Wednesday, July 13 by Ladenburg Thalmann.

According to Zacks Investment Research, “Abraxas Petroleum Corporation is an independent energy company engaged primarily in the acquisition, exploration, exploitation and production of crude oil and natural gas. They seek to complement their acquisition and development activities by selectively participating in exploration projects with experienced industry partners.”

Insitutional Activity: The institutional sentiment decreased to 1.21 in 2016 Q2. Its down 0.15, from 1.36 in 2016Q1. The ratio worsened, as 17 funds sold all Abraxas Petroleum Corp. shares owned while 22 reduced positions. 16 funds bought stakes while 37 increased positions. They now own 47.31 million shares or 31.78% more from 35.90 million shares in 2016Q1.
Credit Suisse Ag holds 127,855 shares or 0% of its portfolio. Qs Investors Ltd Liability, a New York-based fund reported 54,100 shares. Biglari Capital holds 0.4% or 4.53 million shares in its portfolio. Wells Fargo & Mn has invested 0% of its portfolio in Abraxas Petroleum Corp. (NASDAQ:AXAS). Moreover, Sigma Planning Corporation has 0.05% invested in Abraxas Petroleum Corp. (NASDAQ:AXAS) for 326,400 shares. Smith Asset Mngmt Group Inc Lp owns 536,310 shares or 0.02% of their US portfolio. Next Finance Grp Inc holds 333 shares or 0% of its portfolio. Citadel Advsrs Llc holds 23,983 shares or 0% of its portfolio. The Illinois-based Inspirion Wealth Limited Liability Company has invested 0.03% in Abraxas Petroleum Corp. (NASDAQ:AXAS). Bnp Paribas Arbitrage accumulated 0% or 4,810 shares. Citigroup Inc last reported 20,742 shares in the company. Amalgamated Bank & Trust holds 0% of its portfolio in Abraxas Petroleum Corp. (NASDAQ:AXAS) for 13,300 shares. Stephens Inc Ar has invested 0% of its portfolio in Abraxas Petroleum Corp. (NASDAQ:AXAS). Fort Point Cap Ptnrs Ltd Liability Corporation has invested 0.02% of its portfolio in Abraxas Petroleum Corp. (NASDAQ:AXAS). State Board Of Administration Of Florida Retirement System last reported 0% of its portfolio in the stock.

Insider Transactions: Since June 1, 2016, the stock had 0 insider purchases, and 2 sales for $247,000 net activity. $167,500 worth of Abraxas Petroleum Corp. (NASDAQ:AXAS) shares were sold by BILLINGSLEY LEE T. RUSSELL EDWARD bought $4,320 worth of Abraxas Petroleum Corp. (NASDAQ:AXAS) on Wednesday, June 1.

More news for Abraxas Petroleum Corp. (NASDAQ:AXAS) were recently published by: Bizjournals.com, which released: “Abraxas Petroleum slows the bleeding; plans to sell Powder Basin assets amid …” on November 09, 2016. Bizjournals.com‘s article titled: “Abraxas Petroleum to pay down $13 million in debt after selling 2000-plus-acre …” and published on September 22, 2016 is yet another important article.

AXAS Company Profile

Abraxas Petroleum Corporation, incorporated on August 31, 1990, is an independent energy company. The Firm is engaged in the acquisition, exploration, development and production of gas and oil. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company. The Company’s daily net production is approximately 5,970 barrels of oil equivalent per day (Boepd), of which over 77% is oil or liquids. The Company’s gas and oil assets are located in three operating regions: the Rocky Mountain, Permian Basin and onshore Gulf Coast.

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