Abraxas Petroleum(AXAS) has been upgraded by analysts at SunTrust Robinson-Humphrey to a buy rating from neutral. The firm also raised its price target on shares of the oil and gas company to $6 from $5.
The upgrade comes the day after AXAS revised its barrels of oil equivalent per day (boepd) production estimates to between 5,500-5,700 from prior estimates of 5,200-5,300 at the company's Eagle Ford and Williston Basin properties.
Shares of AXAS have surged 7.53% to $5 in pre-market trading, amid a 52-week range of $2.01 - $5.80
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