Hodges Capital Management Inc. Invests $2.94 Million in Prairie Operating Co. $PROP

Key Points

• Hodges Capital Management Inc. acquired 550,000 shares of Prairie Operating Co. for approximately $2.94 million, representing a 1.25% stake in the company.
• Prairie Operating Co. reported $0.18 earnings per share, significantly below the consensus estimate of $1.28, with revenues of $68.10 million, missing expectations of $125.50 million.
• Roth Capital and Citigroup both initiated coverage on Prairie Operating with a buy rating and a target price of $8.00, while the stock currently holds a consensus rating of "Moderate Buy" and an average target of $8.50.

Hodges Capital Management Inc. purchased a new position in Prairie Operating Co. (NASDAQ:PROP - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 550,000 shares of the company's stock, valued at approximately $2,943,000. Hodges Capital Management Inc. owned 1.25% of Prairie Operating as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PROP. Wells Fargo & Company MN increased its holdings in shares of Prairie Operating by 128.0% in the fourth quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock worth $30,000 after purchasing an additional 2,457 shares during the period. Northern Trust Corp grew its position in Prairie Operating by 92.6% in the fourth quarter. Northern Trust Corp now owns 62,884 shares of the company's stock worth $435,000 after acquiring an additional 30,242 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Prairie Operating by 1,043.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,265 shares of the company's stock worth $189,000 after acquiring an additional 24,880 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Prairie Operating in the fourth quarter worth $97,000. Finally, Navigation Wealth Management Inc. grew its position in Prairie Operating by 83.3% in the first quarter. Navigation Wealth Management Inc. now owns 22,007 shares of the company's stock worth $118,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors own 34.28% of the company's stock.

Prairie Operating Trading Down 0.7%

NASDAQ PROP traded down $0.02 during trading on Wednesday, hitting $2.14. 802,111 shares of the company's stock traded hands, compared to its average volume of 1,049,022. The stock has a fifty day moving average of $2.96 and a two-hundred day moving average of $3.93. The company has a debt-to-equity ratio of 4.13, a current ratio of 0.60 and a quick ratio of 0.58. Prairie Operating Co. has a 12-month low of $2.01 and a 12-month high of $11.65. The firm has a market cap of $107.35 million, a P/E ratio of -0.71 and a beta of 2.15.

Prairie Operating (NASDAQ:PROP - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($1.10). The business had revenue of $68.10 million for the quarter, compared to analyst estimates of $125.50 million. As a group, sell-side analysts expect that Prairie Operating Co. will post -2.13 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PROP. Citigroup began coverage on shares of Prairie Operating in a research report on Monday, June 2nd. They issued a "buy" rating and a $8.00 target price for the company. Piper Sandler lowered shares of Prairie Operating from an "overweight" rating to a "neutral" rating in a research report on Monday, August 18th. Roth Capital began coverage on shares of Prairie Operating in a research report on Thursday, June 12th. They issued a "buy" rating and a $8.00 target price for the company. Wall Street Zen upgraded shares of Prairie Operating from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, KeyCorp began coverage on shares of Prairie Operating in a research report on Thursday, July 3rd. They issued a "sector weight" rating for the company. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.50.

Insider Buying and Selling at Prairie Operating

In other news, Director Jonathan H. Gray bought 89,000 shares of the company's stock in a transaction dated Friday, September 5th. The stock was bought at an average cost of $2.11 per share, for a total transaction of $187,790.00. Following the completion of the acquisition, the director owned 675,817 shares in the company, valued at approximately $1,425,973.87. This trade represents a 15.17% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought 442,480 shares of company stock worth $937,103 in the last ninety days. Corporate insiders own 15.44% of the company's stock.

Prairie Operating Company Profile

Prairie Operating Co, an independent energy company, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company holds assets in the Denver-Julesburg Basin in Colorado; and the Niobrara and Codell formations. Prairie Operating Co is based in Houston Texas.