Abraxas Petroleum Corporation (AXAS) Shares are Up 6.61%

Abraxas Petroleum Corporation (AXAS) : Traders are bullish on Abraxas Petroleum Corporation (AXAS) as it has outperformed the S&P 500 by a margin of 7.89% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 5.96%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 6.61% in the last 1 week, and is up 15.18% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.

Abraxas Petroleum Corporation (NASDAQ:AXAS): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $1.28 and $1.27 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $1.31. The buying momentum continued till the end and the stock did not give up its gains. It closed at $1.29, notching a gain of 1.57% for the day. The total traded volume was 1,046,787 . The stock had closed at $1.27 on the previous day.


The stock has recorded a 20-day Moving Average of 11.06% and the 50-Day Moving Average is 8.39%. Abraxas Petroleum Corp. is up 10.26% in the last 3-month period. Year-to-Date the stock performance stands at 21.7%.

Abraxas Petroleum Corporation is an independent energy company. The Company is primarily engaged in the acquisition, exploration, development and production of oil and gas. As of December 31, 2014, the Companys estimated net proved reserves were 42.4 million barrels of oil equivalent (MMBoe), of which 42% were classified as proved developed, 78% were oil and natural gas liquids (NGL) and 92% of which (on a PV-10 basis) were operated by the Company. The Companys daily net production for the year ended December 31, 2014 was 5,720 barrels of oil equivalent per day (Boepd), of which 77% was oil or liquids. The Companys oil and gas assets are located in three operating regions, the Rocky Mountain, Permian Basin and onshore Gulf Coast.

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