NEW YORK ( TheStreet) -- Abraxas Petroleum Corporation (Nasdaq: AXAS) is trading at unusually high volume Friday with 6.3 million shares changing hands. It is currently at 4.9 times its average daily volume and trading down 25 cents (-7.1%) at $3.27 as of 4 p.m. ET. Abraxas has a market cap of $326.4 million and is part of the basic materials sector and energy industry. Shares are up 6.7% 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 in the United States and Canada. The company has a P/E ratio of 124, below the average energy industry P/E ratio of 354 and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Abraxas as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share and increase in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and generally poor debt management. 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 falling on unusually high volume? Get free SMS text alerts sent to you when the action happens by texting HVDOWN to 95370 or select from multiple alert options.