Prairie Operating (NASDAQ:PROP) Director Jonathan H. Gray Acquires 120,563 Shares

Key Points

• Jonathan Gray, director of Prairie Operating Co., purchased 120,563 shares at $2.16 each, increasing his ownership to a total of 586,817 shares valued at approximately $1.27 million.
• Prairie Operating reported a loss of $1.10 per share for the most recent quarter, with actual earnings of $0.18 missing analysts' expectations of $1.28.
• Hedge funds have increased their investment in Prairie Operating, with notable purchases including a new stake by State of Wyoming worth around $32,000 and a 203.8% position increase by Bank of America Corp DE.

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) Director Jonathan H. Gray acquired 120,563 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were purchased at an average cost of $2.16 per share, for a total transaction of $260,416.08. Following the completion of the acquisition, the director directly owned 586,817 shares in the company, valued at approximately $1,267,524.72. This represents a 25.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Prairie Operating Trading Up 0.4%

NASDAQ:PROP traded up $0.01 during midday trading on Friday, hitting $2.55. 1,050,046 shares of the company traded hands, compared to its average volume of 2,738,739. The firm's fifty day moving average is $3.25 and its 200-day moving average is $4.42. Prairie Operating Co. has a 12-month low of $2.01 and a 12-month high of $12.30. The firm has a market capitalization of $128.21 million, a P/E ratio of -0.85 and a beta of 2.01. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 4.13.

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

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Prairie Operating

A number of large investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its position 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. FNY Investment Advisers LLC purchased a new stake in Prairie Operating during the 1st quarter worth approximately $42,000. Bank of America Corp DE grew its position in Prairie Operating by 203.8% during the 2nd quarter. Bank of America Corp DE now owns 9,812 shares of the company's stock worth $29,000 after purchasing an additional 6,582 shares during the last quarter. State of Wyoming purchased a new stake in Prairie Operating during the 2nd quarter worth approximately $32,000. Finally, XTX Topco Ltd purchased a new stake in Prairie Operating during the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 34.28% of the company's stock.

About Prairie Operating

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.