Abraxas Petroleum Corporation (AXAS) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 6,584,816 to 5,433,858 shares, with 5 days to go before the expiry. The short open interest has decreased by -17.5%, amounting to a reduction of -1,150,958 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 4.3% of the float of the company. The average daily volume of the stock is 1,185,548 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Abraxas Petroleum Corporation (NASDAQ:AXAS): The stock opened at $1.32 on Wednesday but the bulls could not build on the opening and the stock topped out at $1.39 for the day. The stock traded down to $1.32 during the day, due to lack of any buying support eventually closed down at $1.33 with a loss of -0.75% for the day. The stock had closed at $1.34 on the previous day. The total traded volume was 588,300 shares.
In a related news, The Securities and Exchange Commission has divulged in a Form 4 filing that the director of Abraxas Petroleum Corp, Russell Edward had purchased shares worth of $4,320 in a transaction dated on June 1, 2016. A total of 4,000 shares were purchased at a price of $1.08 per share. The information is based on open market trades at the market prices.Option exercises are not covered.
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.