Canaccord Genuity Reiterates a 'Buy' on Abraxas Petroleum (AXAS); Portfolio Optimized to Enhance Liquidity

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Canaccord Genuity reiterates a 'Buy' on Abraxas Petroleum (NASDAQ: AXAS) price target lowered from $5.50 to $5.00.

Analyst, Marcus Talbert, said, "We are reiterating our rating and lowering our target price based on Abraxas’ 2011 financial results and project updates. We remain constructive on AXAS’ transformation to an oil-weighted production/reserve base. In our view, there are substantial liquidity catalysts (Eagle Ford/Permian divestures) that will improve the balance sheet and provide for accelerated Bakken development opportunities."

For an analyst ratings summary and ratings history on Abraxas Petroleum click here. For more ratings news on Abraxas Petroleum click here.

Shares of Abraxas Petroleum closed at $3.27 yesterday, with a 52 week range of $1.86-$5.97.

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