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why Abraxas Petroleum Corporation (AXAS) stock plummeted on Friday?

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Abraxas Petroleum Corporation (AXAS) shares plummeted 17.03% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $1.90 per share. However, in the regular trading session on Friday, AXAS’s stock gained 1.33%. AXAS shares have fallen 44.95% over the last 12 months, and they have moved down 0.00% in the past week. Over the past three months, the stock has gained 11.71%, while over the past six months, it has declined 10.20%. AXAS has a current market of $19.01 million and its outstanding shares stood at 8.38 million.

Let’s see what are the latest news about the company?


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Is AXAS CEO compensation match with company performance?

According to the data, Abraxas Petroleum Corporation (AXAS) has a market capitalization of US$26 million and paid its CEO total annual compensation worth US$395k over the year to December 2020.

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In comparison, it’s a decrease of 41% over the year before but the salary of US$382.1k makes up a huge portion of the total compensation being paid to the CEO.

According to the analyst comparisons, the median total CEO compensation was US$326k. So, it looks like Abraxas Petroleum compensates Bob Watson in line with the median for the industry. Moreover, Bob Watson also holds US$300k worth of Abraxas Petroleum stock directly under their own name.

What do Hedge Funds think About AXAS?

Abraxas Petroleum Corp shareholders have witnessed a decrease in support from the world’s most elite money managers recently. The company was in 3 hedge funds’ portfolios at the end of March. The analyst’s calculation also showed that AXAS isn’t among the 30 most popular stocks among hedge funds.

There were a few hedge funds that decided to sell off their entire stakes by the end of the first quarter, due to a decline in Abraxas Petroleum’s share price.

AXAS Regained Nasdaq Compliance

On November 2, 2020, Abraxas Petroleum Corporation regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum average closing price of $1.00 per share for 10 consecutive trading days. The letter also confirmed that Nasdaq has closed the non-compliance matter.

About the company

Abraxas Petroleum Corporation is a San Antonio-based crude oil and natural gas exploration and production company with operations across the Rocky Mountains and Permian Basin.

The company is a publicly traded independent founded in 1977 and based in San Antonio, Texas.

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Conclusion

Well, we tried out best to dig out all the latest information but there was no recent news or developments about the company. We were unable to find recent financial results about the company so we are not sure why AXAS stock lost in the after-hours on Friday.

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