Why Abraxas Petroleum (AXAS) Stock Is Gaining On Thursday

NEW YORK (TheStreet) -- Shares of Abraxas Petroleum Corp. (AXAS) are higher by 3.28% to $5.67 on Thursday after the company reported net income for the 2014 first quarter increased to $4.7 million, or 5 cents per share, compared to $0.6 million, or 1 cent per share from the year ago quarter.

Adjusted net income was $6.3 million, or 7 cents per share, versus $2.3 million, or 2 cents per share, from the 2013 first quarter.

The independent energy company said revenue grew to $25.9 million for the 2014 first quarter, from $21.2 million from the same period last year.

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TheStreet Ratings team rates ABRAXAS PETROLEUM CORP/NV as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate ABRAXAS PETROLEUM CORP/NV (AXAS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, expanding profit margins, solid stock price performance and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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