Hot Stock: Abraxas Petroleum, Shares Gain 7.6% (AXAS)
Abraxas Petroleum (NASDAQ:AXAS) is one of today's best performing low-priced stocks, up 7.6% to $2.01 on 1.2x average daily volume. Thus far today, Abraxas Petroleum has traded 1.0 million shares, vs. average volume of 863,000 shares per day. The stock has outperformed the Dow (7.6% to the Dow's 0.9%) and outperformed the S&P 500 (7.6% to the S&P's 1.0%) during today's trading.
In the past 52 weeks, Abraxas Petroleum share prices have been bracketed by a low of $1.55 and a high of $4.39 and are now at $2.01, 30% above that low price. The 200-day and 50-day moving averages have moved 2.21% lower and 2.15% lower over the past week, respectively.
Abraxas Petroleum (NASDAQ:AXAS) has potential upside of 47.9% based on a current price of $2.01 and analysts' consensus price target of $2.97. The stock should run into initial resistance at its 50-day moving average (MA) of $2.03 and subsequent resistance at its 200-day MA of $2.58.
Abraxas Petroleum Corporation acquires producing oil and gas properties. The Company explores for and produces crude oil and natural gas in Texas, Wyoming, and Canada. Abraxas also operates or owns an interest in various gas processing plants in Canada.
SmarTrend is tracking the current trend status for Abraxas Petroleum and will alert subscribers who have AXAS in their portfolio or watchlist when shares have changed trend direction.
Keywords: penny stocks abraxas petroleum