Prairie Operating (NASDAQ:PROP) Announces 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 quarterly earnings data on Tuesday. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $1.28 by ($1.10), Zacks reports.

Prairie Operating Stock Down 6.4%

Prairie Operating stock traded down $0.23 during midday trading on Tuesday, reaching $3.38. The company's stock had a trading volume of 2,966,285 shares, compared to its average volume of 1,962,211. Prairie Operating has a fifty-two week low of $2.74 and a fifty-two week high of $12.30. The company has a quick ratio of 0.56, a current ratio of 0.57 and a debt-to-equity ratio of 11.17. The company has a market cap of $148.15 million, a P/E ratio of -1.13 and a beta of 2.01. The business has a 50-day simple moving average of $3.62 and a 200-day simple moving average of $4.98.

Insider Activity

In other news, CEO Edward Kovalik purchased 7,140 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $3.51 per share, with a total value of $25,061.40. Following the purchase, the chief executive officer directly owned 1,332,355 shares of the company's stock, valued at $4,676,566.05. The trade was a 0.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, President Gary C. Hanna purchased 25,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were purchased at an average cost of $3.83 per share, for a total transaction of $95,750.00. Following the purchase, 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 disclosure for this purchase can be found here. In the last ninety days, 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

Institutional investors have recently bought and sold shares of the business. Woodline Partners LP purchased a new position in Prairie Operating in the 1st quarter valued at about $3,678,000. Geode Capital Management LLC boosted 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 buying an additional 285,934 shares during the last quarter. Cetera Investment Advisers boosted its position in Prairie Operating by 90.5% in the 2nd quarter. Cetera Investment Advisers now owns 19,745 shares of the company's stock valued at $59,000 after buying an additional 9,379 shares during the last quarter. American Century Companies Inc. purchased a new position in Prairie Operating in the 2nd quarter valued at about $46,000. Finally, JPMorgan Chase & Co. boosted 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 buying an additional 8,640 shares during the last quarter. 34.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Roth Capital assumed coverage on Prairie Operating in a research report on Thursday, June 12th. They set a "buy" rating and a $8.00 price objective for the company. Piper Sandler reduced their price objective on Prairie Operating from $10.00 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, July 17th. Citigroup assumed coverage on Prairie Operating in a research report on Monday, June 2nd. They set a "buy" rating and a $8.00 price objective for the company. Wall Street Zen cut Prairie Operating from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Finally, KeyCorp began coverage on Prairie Operating in a research report on Thursday, July 3rd. They set a "sector weight" rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Prairie Operating has a consensus rating of "Moderate Buy" and an average price target of $8.50.

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.

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