Prairie Operating (NASDAQ:PROP) CEO Acquires $21,700.00 in Stock

Key Points

• Edward Kovalik, CEO of Prairie Operating, acquired 10,000 shares at an average price of $2.17, increasing his total holdings to approximately 2.03 million shares valued at about $4.42 million.
• Prairie Operating recently reported disappointing earnings, with $0.18 EPS for the quarter, falling short of estimates by $1.10.
• Analysts maintain a Moderate Buy rating on the stock, with an average target price of $8.50, following recent coverage updates from various equity analysts.

Prairie Operating Co. (NASDAQ:PROP - Get Free Report) CEO Edward Kovalik acquired 10,000 shares of the company's stock in a transaction dated Thursday, August 21st. The stock was acquired at an average cost of $2.17 per share, for a total transaction of $21,700.00. Following the completion of the purchase, the chief executive officer directly owned 2,037,035 shares in the company, valued at $4,420,365.95. This trade represents a 0.49% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Prairie Operating Trading Up 0.4%

PROP stock traded up $0.01 during mid-day trading on Friday, reaching $2.55. The company's stock had a trading volume of 1,050,046 shares, compared to its average volume of 2,738,739. The company has a market cap of $128.21 million, a price-to-earnings ratio of -0.85 and a beta of 2.01. The business's 50 day moving average price is $3.25 and its 200 day moving average price is $4.42. 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 Co. has a 12 month low of $2.01 and a 12 month high of $12.30.

Prairie Operating (NASDAQ:PROP - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $1.28 by ($1.10). The business had revenue of $68.10 million during the quarter, compared to analyst estimates of $125.50 million. On average, equities research analysts predict that Prairie Operating Co. will post -2.13 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PROP shares. Piper Sandler downgraded Prairie Operating from an "overweight" rating to a "neutral" rating in a report on Monday, August 18th. Wall Street Zen upgraded Prairie Operating from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. KeyCorp started coverage on Prairie Operating in a research report on Thursday, July 3rd. They issued a "sector weight" rating for the company. Citigroup started coverage on Prairie Operating in a research report on Monday, June 2nd. They issued a "buy" rating and a $8.00 target price for the company. Finally, Roth Capital started coverage on Prairie Operating in a research report on Thursday, June 12th. They issued a "buy" rating and a $8.00 target price for the company. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $8.50.

Institutional Trading of Prairie Operating

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in Prairie Operating by 203.8% during the 2nd quarter. Bank of America Corp DE now owns 9,812 shares of the company's stock worth $29,000 after purchasing an additional 6,582 shares in the last quarter. Wells Fargo & Company MN increased its holdings 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. JPMorgan Chase & Co. increased its holdings in Prairie Operating by 411.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,740 shares of the company's stock worth $32,000 after acquiring an additional 8,640 shares during the last quarter. State of Wyoming purchased a new stake in shares of Prairie Operating during the second quarter worth $32,000. Finally, XTX Topco Ltd purchased a new stake in shares of Prairie Operating during the second quarter worth $32,000. 34.28% of the stock is owned by institutional investors.

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.