Prairie Operating Co. (NASDAQ:PROP) Receives $8.50 Average PT from Analysts

Key Points

• Prairie Operating Co. (NASDAQ:PROP) has received an average recommendation of "Moderate Buy" from five research firms, with a consensus price target of $8.50.
• Insider activity includes Director Jonathan H. Gray purchasing 218,917 shares at $2.09 each, increasing his ownership by 88.51%.
• The company reported $0.18 EPS for the last quarter, significantly missing analysts' expectations of $1.28, with revenue also falling short at $68.10 million compared to estimates of $125.50 million.

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) has earned an average recommendation of "Moderate Buy" from the five ratings firms that are presently covering the stock, Marketbeat 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 twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $8.50.

Several brokerages have issued reports on PROP. Johnson Rice initiated coverage on Prairie Operating in a research note on Monday, May 12th. They set an "accumulate" rating and a $9.00 price objective on the stock. Roth Capital initiated coverage on Prairie Operating in a research report on Thursday, June 12th. They set a "buy" rating and a $8.00 price target on the stock. Piper Sandler cut Prairie Operating from an "overweight" rating to a "neutral" rating in a research report on Monday, August 18th. KeyCorp initiated coverage on Prairie Operating in a research report on Thursday, July 3rd. They set a "sector weight" rating on the stock. Finally, Citigroup initiated coverage on Prairie Operating in a research report on Monday, June 2nd. They set a "buy" rating and a $8.00 price target on the stock.

Insider Buying and Selling at Prairie Operating

In related news, Director Jonathan H. Gray purchased 120,563 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were acquired at an average cost of $2.16 per share, for a total transaction of $260,416.08. Following the transaction, the director owned 586,817 shares of the company's stock, valued at $1,267,524.72. This trade represents a 25.86% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders purchased 366,980 shares of company stock worth $803,033. 15.44% of the stock is currently owned by corporate insiders.

Institutional Trading of Prairie Operating

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Woodline Partners LP acquired a new stake in shares of Prairie Operating during the 1st quarter worth approximately $3,678,000. Geode Capital Management LLC increased its position in Prairie Operating by 76.2% in the 2nd quarter. Geode Capital Management LLC now owns 661,390 shares of the company's stock valued at $1,981,000 after acquiring an additional 285,934 shares during the period. Hodges Capital Management Inc. acquired a new stake in Prairie Operating in the 1st quarter valued at approximately $2,943,000. Marshall Wace LLP acquired a new stake in Prairie Operating in the 2nd quarter valued at approximately $860,000. Finally, Rockefeller Capital Management L.P. increased its position in Prairie Operating by 22.8% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 173,151 shares of the company's stock valued at $519,000 after acquiring an additional 32,145 shares during the period. 34.28% of the stock is currently owned by institutional investors and hedge funds.

Prairie Operating Stock Up 0.4%

NASDAQ PROP traded up $0.01 on Tuesday, hitting $2.55. 1,050,046 shares of the stock traded hands, compared to its average volume of 2,684,514. The stock has a 50-day moving average of $3.25 and a 200 day moving average of $4.40. Prairie Operating has a twelve month low of $2.01 and a twelve month high of $12.30. The company has a market capitalization of $128.21 million, a P/E ratio of -0.85 and a beta of 2.15. 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 announced 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 business had revenue of $68.10 million during the quarter, compared to analysts' expectations of $125.50 million. As a group, analysts expect that Prairie Operating will post -2.13 earnings per share for the current fiscal 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.