Biglari Capital Corp. buys $6,568,479 stake in Abraxas Petroleum Corp. (AXAS)

Abraxas Petroleum Corp. (AXAS) : Biglari Capital Corp. scooped up 1,042,874 additional shares in Abraxas Petroleum Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 4,865,540 shares of Abraxas Petroleum Corp. which is valued at $6,568,479.Abraxas Petroleum Corp. makes up approximately 0.54% of Biglari Capital Corp.’s portfolio.

Other Hedge Funds, Including , A.r.t. Advisors boosted its stake in AXAS in the latest quarter, The investment management firm added 49,718 additional shares and now holds a total of 65,248 shares of Abraxas Petroleum Corp. which is valued at $88,085.Rhumbline Advisers boosted its stake in AXAS in the latest quarter, The investment management firm added 25,916 additional shares and now holds a total of 174,336 shares of Abraxas Petroleum Corp. which is valued at $235,354.National Planning Corp reduced its stake in AXAS by selling 666 shares or 5.06% in the most recent quarter. The Hedge Fund company now holds 12,505 shares of AXAS which is valued at $16,257.

Abraxas Petroleum Corp. closed down -0.01 points or -0.71% at $1.39 with 6,28,107 shares getting traded on Thursday. Post opening the session at $1.39, the shares hit an intraday low of $1.35 and an intraday high of $1.4 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Abraxas Petroleum Corp. reported $-0.05 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Aug 9, 2016. Analyst had a consensus of $0.00. The company had revenue of $11.00 million for the quarter, compared to analysts expectations of $12.26 million. The company’s revenue was down -41.9 % compared to the same quarter last year.

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 Company’s 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 Company’s daily net production for the year ended December 31 2014 was 5720 barrels of oil equivalent per day (Boepd) of which 77% was oil or liquids. The Company’s oil and gas assets are located in three operating regions the Rocky Mountain Permian Basin and onshore Gulf Coast.

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