BUZZ-Abraxas Petroleum Corp: SunTrust cuts price target

Thu Jul 16, 2015 2:17pm EDT
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** Oil and gas producer's shares down 6.7 pct at $2.36

** SunTrust Robinson Humphrey analysts cut PT to $4 from $5, cite expected fall in output in Q2 from Q1

** Median PT is $4

** Company said in April it expected reduction in Q2 production volumes, partly due to shut-in of certain wells

** "That said, we forecast a strong 3Q rebound as the company likely brings back shut-in wells plus nine new completions," analysts write in a note

** Up to Wednesday's close, stock had fallen 33.4 pct since company warned of weak Q2 production volumes