Home / Basic Materials / Abraxas Petroleum Corporation (AXAS) Dives 3.01% in Morning Session on September 23

Abraxas Petroleum Corporation (AXAS) Dives 3.01% in Morning Session on September 23

Abraxas Petroleum Corporation (AXAS) lost ground during morning trading on September 23 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector halfway through the trading day. At the lunch break, shares of AXAS have fallen 3.01% to $1.61 after closing the day prior at $1.66. So far, the stock has traded as high as $1.63 and as low as $1.59. Today’s decline has come with about 274,996 shares changing hands, compared to an average 30-day volume of 862,327 for Abraxas Petroleum Corporation. The price is currently below the 30-day volume weighted average price of $1.61 for AXAS.

The share depreciation gives the company a market capitalization of $224.16 million based upon 135.04 million shares outstanding. It also means that AXAS has a price-to-book ratio of 8.79:1.

In the past 52 weeks, shares of AXAS have traded as low as $0.65 and as high as $1.95. Technical traders will take note that at $1.61, shares of AXAS are trading above their 200-day MA at $1.15 and above their 50-day MA at $1.36. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.

Who is AXAS?

Abraxas Petroleum Corp is an independent energy company engaged in the acquisition, exploitation, development and production of oil and gas in the United States. The company’s 99 employees are led by CEO Robert L.G. Watson from the corporate headquarters at 18803 Meisner Drive in San Antonio, TX.

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