Abraxas Petroleum Strengthens Balance Sheet, Wunderlich Maintains Buy

Wunderlich Securities has published a research report on Abraxas Petroleum Corporation AXAS after the company has showed significant signs of improving the strength of its balance sheet and organic growth. In the report, Wunderlich writes "The company began to divest and consolidate its asset base in 2010 and now focuses only on a handful of high-impact core areas. With the balance sheet in good shape, and cash to fund drilling, we are focusing on AXAS' drilling program in 2011. We believe that AXAS could have some positive surprises waiting. The stock has done well since the recent equity issuance, but we still believe that news from the South Texas Eagle Ford Play and the Williston Basin Bakken and Three Forks Plays could move the dial for AXAS." Wunderlich maintains its Buy rating and $6.20 price target. Abraxas Petroleum Corporation closed yesterday at $5.32.