Analyst Rating Update on Abraxas Petroleum Corporation (AXAS)

Abraxas Petroleum Corporation (AXAS) : 1 brokerage houses believe that Abraxas Petroleum Corporation (AXAS) is a Strong Buy at current levels. 6 analysts believe that the current prices are in a balance with the stocks fundamentals, hence they propose Hold on Abraxas Petroleum Corporation (AXAS). Zacks Investment Research suggests a Buy with a rank of 2.The median of all the 7 Wall Street Analysts endorse the stock as a Hold with a rating of 2.71.

Abraxas Petroleum Corporation (AXAS) : The highest level Abraxas Petroleum Corporation (AXAS) is projected to reach is $1 for the short term and the lowest estimate is at $1. The consolidated price target from 5 rating analysts who initiate coverage on the stock is $1.11 and the possibility the share price can swing is $0.15.

For the current week, the company shares have a recommendation consensus of Buy.


Abraxas Petroleum Corporation (NASDAQ:AXAS): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $1.14 and $1.12 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $1.24. The buying momentum continued till the end and the stock did not give up its gains. It closed at $1.23, notching a gain of 8.85% for the day. The total traded volume was 909,244 . The stock had closed at $1.13 on the previous day.

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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