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

Key Points

• Prairie Operating Co. has received a consensus rating of "Moderate Buy" from five brokerages, with an average twelve-month target price of $8.50.
• Insider transactions showed significant buying activity, with Director Jonathan H. Gray purchasing 218,917 shares at an average price of $2.09, representing an 88.51% increase in his position.
• The company reported earnings of $0.18 per share, missing analysts' expectations of $1.28, and had quarterly revenue of $68.10 million compared to a forecast of $125.50 million.

Shares of Prairie Operating Co. (NASDAQ:PROP - Get Free Report) have received an average recommendation of "Moderate Buy" from the five brokerages that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $8.50.

PROP has been the topic of several recent research reports. Piper Sandler downgraded Prairie Operating from an "overweight" rating to a "neutral" rating in a research report on Monday, August 18th. Citigroup assumed coverage on shares of Prairie Operating in a report on Monday, June 2nd. They issued a "buy" rating and a $8.00 target price on the stock. KeyCorp began coverage on shares of Prairie Operating in a report on Thursday, July 3rd. They set a "sector weight" rating for the company. 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 price objective for the company. Finally, Wall Street Zen raised shares of Prairie Operating from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th.

Insider Activity at Prairie Operating

In other Prairie Operating news, Director Jonathan H. Gray bought 89,000 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was purchased at an average cost of $2.11 per share, for a total transaction of $187,790.00. Following the completion of the purchase, the director owned 675,817 shares of the company's stock, valued at $1,425,973.87. This trade represents a 15.17% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired a total of 442,480 shares of company stock valued at $937,103 over the last ninety days. 15.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Hodges Capital Management Inc. purchased a new position in shares of Prairie Operating during the 1st quarter worth about $2,943,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Prairie Operating by 1,043.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,265 shares of the company's stock worth $189,000 after purchasing an additional 24,880 shares during the last quarter. Northern Trust Corp raised its stake in Prairie Operating by 92.6% during the fourth quarter. Northern Trust Corp now owns 62,884 shares of the company's stock worth $435,000 after purchasing an additional 30,242 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Prairie Operating in the 4th quarter valued at $97,000. Finally, Bank of New York Mellon Corp boosted its holdings 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. Institutional investors and hedge funds own 34.28% of the company's stock.

Prairie Operating Price Performance

Shares of PROP stock traded down $0.15 during trading hours on Friday, hitting $1.87. The company's stock had a trading volume of 4,134,061 shares, compared to its average volume of 1,689,870. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 4.13. The business has a fifty day moving average of $2.87 and a 200-day moving average of $3.82. Prairie Operating has a twelve month low of $1.84 and a twelve month high of $11.00. The stock has a market cap of $94.02 million, a price-to-earnings ratio of -0.62 and a beta of 2.15.

Prairie Operating (NASDAQ:PROP - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $68.10 million during the quarter, compared to analysts' expectations of $125.50 million. As a group, equities research analysts anticipate that Prairie Operating will post -2.13 EPS for the current year.

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.