Abraxas Petroleum Corp (fka AXAS)

[Pennybuster]

$AXAS Abraxas Petroleum

Abraxas Petroleum Corp. (NASDAQ: AXAS) was chosen for its strong asset base after its bank group reaffirmed its borrowing base during the third quarter at $165 million. Abraxas is said to be in full hunker-down mode with balance sheet preservation a top priority. Berman actually is calling for about $20 million in positive cash generation through the end of 2017, and he is comfortable with the company’s liquidity situation. An accretive acquisition that adds to the company’s inventory in one or more of its key areas of operation could act as a positive catalyst, in Berman’s view.

Abraxas’s price target at Canaccord Genuity is $3.00, above the consensus analyst price target of $2.36, and versus a 52-week trading range of $0.84 to $3.98. Abraxas closed at $1.20 on Monday.



Read more: Canaccord Genuity's Top Oil and Gas Bounce-Back Candidates for 2016 - 24/7 Wall St. http://247wallst.com/energy-business/2015/12/29/6-major-oil-and-gas-bounce-back-candidates-for-2016/#ixzz3vjq30Ytw
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