Abraxas Petroleum Corp (AXAS) Gets a Buy Rating from Canaccord Genuity


In a report released today, Sam Roach from Canaccord Genuity maintained a Buy rating on Abraxas Petroleum Corp (NASDAQ: AXAS), with a price target of $3.50. The company’s shares opened today at $2.19.

Roach observed:

“We believe that concerns over Permian differentials remain overblown, and the parent-child influence in Permian wells does not change our view on the stock. We continue to rate AXAS a BUY with a US$3.50 price target. Permian acquisition/land swap activity Abraxas is in the process of acquiring an additional ~720 net acres of land in the Delaware Basin, which would take the company’s acreage to 10,500 net acres and further consolidate its land into contiguous, operated blocks.”

Roach has an average return of 1.8% when recommending Abraxas Petroleum Corp.

According to TipRanks.com, Roach is ranked #860 out of 4866 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Abraxas Petroleum Corp with a $4.10 average price target.

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The company has a one-year high of $3.27 and a one-year low of $1.59. Currently, Abraxas Petroleum Corp has an average volume of 1.47M.

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Abraxas Petroleum Corp. engages in the acquisition, exploration, development, and production of crude oil and natural gas. It focuses primarily on the development of conventional and unconventional resources in its primary operating areas in the Rocky Mountains, South Texas, Powder River Basin and Permian Basin.

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