Brokerages Set Prairie Operating Co. (NASDAQ:PROP) Price Target at $8.50

Key Points

• Prairie Operating Co. (NASDAQ:PROP) has received a consensus recommendation of “Moderate Buy” from analysts, with four out of five recommending a buy, and an average price target of $8.50.
• Insider purchases include CEO Edward Kovalik buying 6,700 shares at $3.74 per share and President Gary C. Hanna acquiring 25,000 shares at $3.83, indicating strong confidence from company leadership.
• The stock is currently down 6.4%, with a market cap of $135.43 million and significant volatility indicated by a beta of 1.92.

Shares of Prairie Operating Co. (NASDAQ:PROP - Get Free Report) have earned a consensus rating of "Moderate Buy" from the five brokerages that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $8.50.

Several brokerages recently weighed in on PROP. Roth Capital began coverage on Prairie Operating in a report on Thursday, June 12th. They issued a "buy" rating and a $8.00 price objective for the company. Citigroup assumed coverage on Prairie Operating in a report on Monday, June 2nd. They issued a "buy" rating and a $8.00 price objective for the company. Wall Street Zen lowered Prairie Operating from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Piper Sandler cut their price objective on Prairie Operating from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Finally, Johnson Rice initiated coverage on shares of Prairie Operating in a report on Monday, May 12th. They issued an "accumulate" rating and a $9.00 price objective for the company.

Insider Transactions at Prairie Operating

In related news, President Gary C. Hanna acquired 25,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were purchased at an average cost of $3.83 per share, with a total value of $95,750.00. Following the transaction, the president directly owned 1,350,226 shares in the company, valued at approximately $5,171,365.58. This represents a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Edward Kovalik acquired 6,700 shares of the stock in a transaction dated Friday, May 23rd. The shares were bought at an average cost of $3.74 per share, for a total transaction of $25,058.00. Following the completion of the transaction, the chief executive officer owned 1,339,055 shares in the company, valued at approximately $5,008,065.70. This represents a 0.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 57,340 shares of company stock valued at $217,567. Corporate insiders own 15.44% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN increased its stake in Prairie Operating by 128.0% in the 4th quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock worth $30,000 after acquiring an additional 2,457 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Prairie Operating in the 1st quarter worth $42,000. SageView Advisory Group LLC purchased a new stake in shares of Prairie Operating in the 1st quarter worth $59,000. Quotient Wealth Partners LLC purchased a new stake in shares of Prairie Operating in the 1st quarter worth $73,000. Finally, Nuveen Asset Management LLC purchased a new stake in shares of Prairie Operating in the 4th quarter worth $97,000. 34.28% of the stock is owned by hedge funds and other institutional investors.

Prairie Operating Stock Performance

Shares of Prairie Operating stock traded up $0.19 during trading hours on Friday, hitting $3.22. 1,675,606 shares of the company's stock traded hands, compared to its average volume of 794,738. Prairie Operating has a 12-month low of $2.74 and a 12-month high of $12.30. The stock has a market capitalization of $140.91 million, a price-to-earnings ratio of -1.07 and a beta of 2.01. The company has a fifty day simple moving average of $3.68 and a 200-day simple moving average of $5.17. The company has a debt-to-equity ratio of 11.17, a current ratio of 0.57 and a quick ratio of 0.56.

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.