Canaccord Genuity Assumes Coverage on Abraxas Petroleum (AXAS) at Buy; Bakken Development Plans in Focus After Portfolio Update

Canaccord Genuity assumes coverage on Abraxas Petroleum (NASDAQ: AXAS) with a Buy. PT lowered to $6.

Canaccord analyst, John Gerdes, said, "Our conviction was strengthened by the recent project updates and rig acquisition. We remain encouraged by the company’s growing exposure to an oil-weighted production base. In our view, there is significant value embedded in the company’s oil plays that will be unlocked this year through the successful execution of its Bakken, Eagle Ford, Niobrara, and Permian projects."

For more ratings news on Abraxas Petroleum click here and for the rating history of Abraxas Petroleum click here.

Shares of Abraxas Petroleum closed at $4.13 yesterday.

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