Hodges Capital Management Inc. Makes New Investment 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. bought a new position in shares of Prairie Operating Co. (NASDAQ:PROP - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 550,000 shares of the company's stock, valued at approximately $2,943,000. Hodges Capital Management Inc. owned about 1.25% of Prairie Operating at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Prairie Operating by 1,043.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,265 shares of the company's stock valued at $189,000 after purchasing an additional 24,880 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Prairie Operating by 92.6% in the 4th quarter. Northern Trust Corp now owns 62,884 shares of the company's stock valued at $435,000 after purchasing an additional 30,242 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Prairie Operating by 128.0% in the 4th quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock valued at $30,000 after purchasing an additional 2,457 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Prairie Operating in the 4th quarter valued at $97,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Prairie Operating by 30.6% in the 1st quarter. Bank of New York Mellon Corp now owns 14,741 shares of the company's stock valued at $79,000 after purchasing an additional 3,453 shares during the last quarter. 34.28% of the stock is owned by institutional investors.

Prairie Operating Stock Performance

NASDAQ PROP opened at $2.28 on Friday. Prairie Operating Co. has a 1 year low of $2.01 and a 1 year high of $12.30. The company has a debt-to-equity ratio of 4.13, a current ratio of 0.60 and a quick ratio of 0.58. The firm has a market cap of $114.64 million, a price-to-earnings ratio of -0.76 and a beta of 2.15. The company has a fifty day moving average price of $3.05 and a 200-day moving average price of $4.06.

Prairie Operating (NASDAQ:PROP - Get Free Report) last posted its 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 firm had revenue of $68.10 million for the quarter, compared to analysts' expectations of $125.50 million. As a group, equities research analysts predict that Prairie Operating Co. will post -2.13 EPS for the current fiscal year.

Insider Activity

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

Analysts Set New Price Targets

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

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.

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