July 26, 2016 - 7:13 PM EDT
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Basic Materials Sector Feels Loss of 1.28% for Abraxas Petroleum Corporation (AXAS) in Early Trading on July 26

Abraxas Petroleum Corporation (AXAS) started the trading day on a down note, making it one of the worst performing stocks in the basic materials sector of NYSE and NASDAQ listed companies shortly after the opening bell on July 26. Shares of AXAS have fallen 1.28% about 30 minutes into the session to $1.16 after closing the day prior at $1.17. It’s early, but the stock has traded as high as $1.18 and as low as $1.16 so far. Today's quick decline has come with about 82,270 shares changing hands, compared to an average 30-day volume of 1.05 million for Abraxas Petroleum Corporation. The price is currently below the 30-day volume weighted average price of $1.17 for AXAS. The share depreciation gives the company a market capitalization of $124.47 million based upon 106.39 million shares outstanding. It also means that AXAS has a price-to-book ratio of 2.8:1. In the past 52 weeks, shares of AXAS have traded as low as $0.65 and as high as $2.13. Technical traders will take note that at $1.16, shares of AXAS are trading below their 200-day MA at $1.17 and below their 50-day MA at $1.19. 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. For more information on AXAS and other companies trading on the major exchanges, as well as the over the counter markets, or to be considered for contributing content for our distribution network, visit FinancialPress.com today. All data provided by QuoteMedia, with stock data accurate as of 9:30 AM ET. FinancialPress.com is not responsible for inaccuracies in third-party supplied information. About FinancialPress.com FinancialPress.com is a leading publisher of market and investment news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the financial markets and global economies. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts, which in turn delivers a variety of unique opportunities for industry partnerships, corporate communications, market exposure and investment. A complete disclaimer can be viewed here.

Source: Financial Press News (July 26, 2016 - 7:13 PM EDT)

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