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NEW YORK ( TheStreet) -- Abraxas Petroleum Corporation (Nasdaq: AXAS) hit a new 52-week low Thursday as it is currently trading at $2.66, below its previous 52-week low of $2.68 with 1.3 million shares traded as of 1:46 p.m. ET. Average volume has been 2.2 million shares over the past 30 days. Abraxas has a market cap of $288.1 million and is part of the basic materials sector and energy industry. Shares are down 38.1% year to date as of the close of trading on Wednesday. Abraxas Petroleum Corporation, an independent energy company, engages in the acquisition, development, exploration, and production of oil and gas in the United States and Canada.