Canaccord Reiterates Buy On Abraxas On The Back Of Q3 Guidance
In a research report issued earlier today, Canaccord Genuity analyst Stephen Berman reiterated a Buy rating on Abraxas Petroleum (NASDAQ:AXAS) with a price target of $7.25.
Berman wrote, “AXAS has positions in two of the leading resource plays in the US: the Williston Basin (WB) and the Eagle Ford (EF). Accelerating production growth combined with a delevered balance sheet should be catalysts for a higher stock price in our view.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Stephen Berman has a total average return of 5.1% and a 45.0% success rate. Berman has a -1.1% average return when recommending AXAS, and is ranked #1137 out of 3282 analysts.