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Surging Earnings Estimates Signal Good News for Abraxas Petroleum (AXAS)

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Abraxas Petroleum Corporation (AXAS - Free Report) is an Oil and Gas - Exploration and Production - United States company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on AXAS’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Abraxas Petroleum could be a solid choice for investors.

Current Quarter Estimates for AXAS

In the past 30 days, 3 estimates have gone higher for Abraxas Petroleumwhile none have gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing from a loss of 2 cents a share 30 days ago, to a loss of 1 cent today, a move of 50%.

Current Year Estimates for AXAS

Meanwhile, Abraxas Petroleum’s current year figures are also looking quite promising, with 3 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, narrowing from a loss of 11 cents per share 30 days ago to a loss of 9 cents per share today, an increase of 18.2%.

ABRAXAS PETE/NV Price and Consensus

ABRAXAS PETE/NV Price and Consensus | ABRAXAS PETE/NV Quote

Bottom Line

The stock has also started to move higher lately, adding 12.9% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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