Abraxas Rises On Unusually High Volume (AXAS)

NEW YORK ( TheStreet) -- Abraxas Petroleum Corporation (Nasdaq: AXAS) is trading at unusually high volume Friday with nine million shares changing hands. It is currently at 8.6 times its average daily volume and trading up 14 cents (+4.8%) at $3.04 as of 4 p.m. ET.

Abraxas has a market cap of $254.8 million and is part of the basic materials sector and energy industry. Shares are down 18.2% 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 9.9, below the average energy industry P/E ratio of 10.6 and below 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 robust revenue growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally poor debt management and a generally disappointing performance in the stock itself. You can view the full Abraxas Ratings Report.

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