NEW YORK ( TheStreet) -- Abraxas Petroleum Corporation (Nasdaq: AXAS) is trading at unusually high volume Friday with 7.1 million shares changing hands. It is currently at 5.4 times its average daily volume and trading up 16 cents (+3.5%) at $4.68 as of four p.m. ET. Abraxas has a market cap of $375.9 million and is part of the basic materials sector and energy industry. Shares are down 1.1% year to date as of the close of trading on Thursday. Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, development, exploration, and production of oil and gas primarily in the Rocky Mountain, Mid-Continent, Permian Basin, and Gulf Coast regions of the United States. The company has a P/E ratio of 244, above the average energy industry P/E ratio of 70.3 and above the S&P 500 P/E ratio of 15.6. TheStreet Ratings rates Abraxas as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall. You can view the full Abraxas Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center. Interested in other stocks that are rising on unusually high volume? Get free SMS text alerts sent to you when the action happens by texting HVUP to 95370 or select from multiple alert options.