Prairie Operating (NASDAQ:PROP) Releases Earnings Results, Misses Expectations By $1.10 EPS

Key Points

• Prairie Operating reported earnings of $0.18 per share, which was significantly below analysts' expectations of $1.28, resulting in a miss of $1.10 EPS.
• The company's stock decreased by 6.4% to $3.38 following the earnings announcement, with a trading volume of 2,966,285 shares.
• Insider trading activity included CEO Edward Kovalik purchasing 7,140 shares and President Gary C. Hanna acquiring 25,000 shares, indicating heightened confidence despite recent performance struggles.

Prairie Operating (NASDAQ:PROP - Get Free Report) posted its earnings results on Tuesday. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $1.28 by ($1.10), Zacks reports. The firm had revenue of $68.10 million during the quarter, compared to analyst estimates of $125.50 million.

Prairie Operating Price Performance

Prairie Operating stock traded up $0.23 during mid-day trading on Friday, hitting $2.75. The company's stock had a trading volume of 2,534,627 shares, compared to its average volume of 2,426,328. Prairie Operating has a twelve month low of $2.40 and a twelve month high of $12.30. The company has a quick ratio of 0.56, a current ratio of 0.60 and a debt-to-equity ratio of 4.13. The stock has a market capitalization of $138.26 million, a P/E ratio of -0.92 and a beta of 2.01. The stock's fifty day moving average price is $3.55 and its two-hundred day moving average price is $4.84.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. KeyCorp assumed coverage on Prairie Operating in a research report on Thursday, July 3rd. They issued a "sector weight" rating on the stock. 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 target on the stock. Piper Sandler lowered their price target on Prairie Operating from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, July 17th. Citigroup started coverage on Prairie Operating in a research note on Monday, June 2nd. They set a "buy" rating and a $8.00 target price for the company. Finally, Wall Street Zen raised shares of Prairie Operating from a "sell" rating to a "hold" rating in a report on Saturday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $8.50.

Insider Activity at Prairie Operating

In other news, CEO Edward Kovalik bought 7,140 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was purchased at an average price of $3.51 per share, with a total value of $25,061.40. Following the transaction, the chief executive officer directly owned 1,332,355 shares in the company, valued at approximately $4,676,566.05. The trade was a 0.54% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Gary C. Hanna acquired 25,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were bought 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 of the company's stock, valued at $5,171,365.58. The trade was a 1.89% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 57,340 shares of company stock worth $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. Woodline Partners LP bought a new stake in shares of Prairie Operating during the first quarter valued at approximately $3,678,000. Geode Capital Management LLC grew its stake in Prairie Operating by 76.2% in the second 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. Cetera Investment Advisers grew its stake in Prairie Operating by 90.5% in the second quarter. Cetera Investment Advisers now owns 19,745 shares of the company's stock valued at $59,000 after acquiring an additional 9,379 shares during the period. JPMorgan Chase & Co. lifted its position in Prairie Operating by 411.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,740 shares of the company's stock valued at $32,000 after acquiring an additional 8,640 shares in the last quarter. Finally, American Century Companies Inc. bought a new position in Prairie Operating in the second quarter valued at $46,000. Institutional investors and hedge funds own 34.28% of the company's stock.

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.