Post Earnings Coverage as Abraxas’ Q4 Top-line Rose to Outperform Market Estimates

Upcoming AWS Coverage on Kosmos Energy Post-Earnings Results

LONDON, UK / ACCESSWIRE / March 27, 2017 / Active Wall St. announces its post-earnings coverage on Abraxas Petroleum Corp. (NASDAQ: AXAS). The Company released its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year fiscal 2016 (FY16) on March 14, 2017. The San Antonio, Texas-based Company’s quarterly revenues increased on a year-over-year basis, beating Wall Street’s estimates. Register with us now for your free membership at:

http://www.activewallst.com/register/

One of Abraxas Petroleum’s competitors within the Independent Oil & Gas space, Kosmos Energy Ltd. (NYSE: KOS), reported on February 27, 2017, its financial and operating results for the fourth quarter of 2016. AWS will be initiating a research report on Kosmos Energy in the coming days.

Today, AWS is promoting its earnings coverage on AXAS; touching on KOS. Get our free coverage by signing up to:

http://www.activewallst.com/register/

Earnings Reviewed

During Q4 FY16, Abraxas’ revenues came in at $22.01 million, which was higher than $13.35 million recorded at the end of Q4 FY15. Revenues for the reported quarter also came in above market consensus estimates of $20.2 million. Furthermore, Abraxas posted operating income of $3.61 million during Q4 FY16 against operating loss of $72.30 million in Q4 FY15.

The energy Company’s net loss narrowed during Q4 FY16 to $5.30 million, or $0.04 loss per diluted share, from net loss of $67.42 million, or $0.64 per diluted share, in Q4 FY15. The Company reported adjusted net income of $0.98 million, or $0.01 per diluted share, in Q4 FY16, versus adjusted net loss of $2.35 million, or $0.02 loss per diluted share, in the comparable prior year’s quarter. The market analyst had forecasted the Company to report adjusted net loss of $0.01 loss per share for Q4 FY16.

For full year FY16, Abraxas’ revenues stood at $56.56 million compared to $67.03 million in FY15. The Company’s net loss during FY16 was $96.38 million, or $0.79 loss per diluted share, versus net loss of $127.11 million, or $1.21 loss per diluted share, in FY15. Furthermore, the Company reported adjusted net loss of $8.96 million, or $0.07 loss per diluted share, in FY16 compared to adjusted net loss of $7.88 million, or $0.08 loss per diluted share, in FY15.

Operating Metrics

In Q4 FY16, Abraxas’ Crude oil production volume increased to 4,923 barrels of oil per day (Bblpd), from 3,696 Bblpd in Q4 FY15. The natural gas production volume was 10,087 thousand cubic feet per day (Mcfpd) in Q4 FY16, which was higher than 8,352 Mcfpd in the prior year’s comparable quarter. Meanwhile, natural gas liquids production volume increased during Q4 FY16 to 1,350 Bblpd from 753 Bblpd in Q4 FY15. In the reported quarter, crude oil equivalent production volume was 7,955 barrels of oil equivalent per day (Boepd) compared to 5,841 Boepd in Q4 FY15. Furthermore, crude oil equivalent production volume in Q4 FY16 totaled 732 thousand barrels of oil equivalent (MBoe) compared to 537 MBoe in Q4 FY15.

Cash Matters and Balance Sheet

In the twelve months ended on December 31, 2016, Abraxas’ operating activities generated $26.87 million as net cash compared to $6.98 million in the prior year. The Company did not report any cash and cash equivalents balance as on December 31, 2016, while it had $3.54 million in cash and cash equivalents at the close of books on December 31, 2015. Furthermore, the Company’s total long-term debt fell to $96.62 million as on December 31, 2016, from $138.40 million as on December 31, 2015.

Guidance

In its guidance for full year FY17, Abraxas expects average production at midpoint in FY17 to be about 8200 barrels a day, rising 32% y-o-y with an exit rate of 9,500 barrels a day, up by 19% y-o-y. Furthermore, the Company stated that it was not adding any new wells in the first quarter of FY17 and is expecting nearly 15% production decline in Q1 FY17.

Stock Performance

At the close of trading session on Friday, March 24, 2017, Abraxas Petroleum’s share price finished last Friday’s trading session at $2.02, marginally declining 0.49%. A total volume of 1.52 million shares exchanged hands. The stock has soared 21.69% and 98.04% in the last six months and past twelve months, respectively. At last Friday’s closing price, the stock’s net capitalization stands at $332.59 million.

Active Wall Street:

Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

AWS has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@activewallst.com

Phone number: 1-858-257-3144

Office Address: 3rd floor, 207 Regent Street, London, W1B 3HH, United Kingdom

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active Wall Street

ReleaseID: 458216