Market Overview

UPDATE: Wunderlich Securities Downgrades Abraxas Petroleum to Hold on Leverage

Related AXAS
Mid-Afternoon Market Update: Dow Surges 125 Points; Analogic Shares Dip On Downbeat Revenue
U.S. Stocks Gain; Glimcher Realty Shares Rise On Acquisition News

Wunderlich Securities reduced its rating on Abraxas Petroleum (NASDAQ: AXAS) from Buy to Hold and reduced its price target from $7 to $3.

Wunderlich Securities noted, "We started the year with the idea that Abraxas Petroleum (AXAS) would be able to monetize assets, pay down debt, and end the year with a focused portfolio and a lean balance sheet. This turnaround theme is not materializing. With the Eagle Ford sale terminated, AXAS will not be able to lower debt significantly any time soon. The company still needs to borrow to fund its $60 million capex in 2012. We are not comfortable with the company's liquidity and operating issues that has kept it from producing at peak capacity."

Abraxas Petroleum closed at $2.28 on Thursday.

Latest Ratings for AXAS

DateFirmActionFromTo
Jul 2014Canaccord GenuityMaintainsBuy
Jun 2014SunTrust Robinson HumphreyUpgradesNeutralBuy
May 2014Imperial CapitalMaintainsIn-line

View More Analyst Ratings for AXAS
View the Latest Analyst Ratings

Posted-In: Wunderlich SecuritiesAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (AXAS)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters