Abraxas (AXAS) delivered earnings and revenue surprises of -50.00% and -7.65%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?

Q3 2019 Abraxas Petroleum Corp Earnings Call

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Abraxas Petroleum Corporation ("Abraxas" or the "Company") (NASDAQ: AXAS) today announced that on Wednesday, April 1, it received notice from The NASDAQ Stock Market LLC ("NASDAQ") that the Company is not presently in compliance with the NASDAQ continued listing rules since the Company has not yet filed its Form 10-K for the period ended December 31, 2019.

Looking into the current session, Abraxas Petroleum Inc. (NASDAQ: AXAS) shares are trading at $0.33, after a 14.10% increase. Moreover, over the past month, the stock increased by 189.71%, but in the past year, fell by 75.91%. Shareholders might be interested in knowing whether the stock is undervalued, even if the company is performing up to par in the current session.The stock is currently trading above from its 52 week low by 267.67%. Assuming that all other factors are held constant, this could present itself as an opportunity for investors trying to diversify their portfolio with Oil & Gas E&P stocks, and capitalize on the lower share price observed over the year.The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E indicates that shareholders do not expect the stock to perform better in the future, and that the company is probably undervalued. It shows that shareholders are less than willing to pay a high share price, because they do not expect the company to exhibit growth, in terms of future earnings.Depending on the particular phase of a business cycle, some industries will perform better than others.Compared to the aggregate P/E ratio of the 6.09 in the Oil & Gas E&P industry, Abraxas Petroleum has a lower P/E ratio of 0.83. Shareholders might be inclined to think that they might perform worse than its industry peers. It's also possible that the stock is undervalued.There are many limitations to price to earnings ratio. It is sometimes difficult to determine the nature of the earnings makeup of a company. Shareholders might not get what they're looking for, from trailing earnings.See more from Benzinga * 12 Energy Stocks Moving In Friday's Pre-Market Session * 19 Energy Stocks Moving In Tuesday's Pre-Market Session * 19 Energy Stocks Moving In Friday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The company failed to file its Form 10-K for the period ended Dec. 31, 2019.

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The board resignations are part of a broader cost-cutting strategy that Abraxas hopes will see it through a difficult time for oil and gas companies with directors it has left.

Abraxas (AXAS) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Abraxas is able to pay down part of its credit facility debt due to its strong hedge position. The credit facility may still be an issue due to the borrowing ba

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Abraxas Petroleum Corporation ("Abraxas" or the "Company") (NASDAQ:AXAS):

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The current state of the oil and gas market makes it difficult to keep investors satisfied, Abraxas Petroleum Corp. Chief Financial Officer Steve Harris said.

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In the wake of San Antonio-based drilling company Abraxas Petroleum Corp. announcing a debt refinancing and releasing its third quarter results, Chief Financial Officer Steve Harris spoke to the Business Journal about the company's outlook in an increasingly volatile oil and gas market. Abraxas (Nasdaq: AXAS) has fully exited South Texas' oil fields and sold some nonoperating assets in North Dakota's Bakken Shale and in West Texas this year.

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