Wall Street Zen Downgrades Prairie Operating (NASDAQ:PROP) to Sell

Wall Street Zen lowered shares of Prairie Operating (NASDAQ:PROP - Free Report) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

Other research analysts have also recently issued reports about the company. KeyCorp assumed coverage on Prairie Operating in a report on Thursday, July 3rd. They issued a "sector weight" rating for the company. Roth Capital initiated coverage on Prairie Operating in a research note on Thursday, June 12th. They issued a "buy" rating and a $8.00 price objective for the company. Johnson Rice started coverage on Prairie Operating in a research note on Monday, May 12th. They issued an "accumulate" rating and a $9.00 target price on the stock. Piper Sandler lowered their price target on Prairie Operating from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Finally, Citigroup began coverage on Prairie Operating in a research note on Monday, June 2nd. They issued a "buy" rating and a $8.00 price target on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Prairie Operating currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.75.

Prairie Operating Price Performance

NASDAQ PROP traded up $0.32 during mid-day trading on Friday, hitting $3.81. The stock had a trading volume of 1,178,066 shares, compared to its average volume of 393,621. The company has a market cap of $166.82 million, a price-to-earnings ratio of -1.27 and a beta of 1.92. The company has a 50 day simple moving average of $3.82 and a 200 day simple moving average of $5.49. Prairie Operating has a 52-week low of $2.74 and a 52-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.

Insider Buying and Selling at Prairie Operating

In other news, President Gary C. Hanna purchased 25,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was purchased at an average price of $3.83 per share, for a total transaction of $95,750.00. Following the acquisition, the president owned 1,350,226 shares in the company, valued at $5,171,365.58. This trade represents a 1.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Kovalik acquired 7,140 shares of the stock in a transaction dated Thursday, May 22nd. The stock was bought at an average cost of $3.51 per share, with a total value of $25,061.40. Following the completion of the purchase, the chief executive officer owned 1,332,355 shares of the company's stock, valued at approximately $4,676,566.05. The trade was a 0.54% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 57,340 shares of company stock valued at $217,567 over the last quarter. Corporate insiders own 15.44% of the company's stock.

Institutional Trading of Prairie Operating

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Navigation Wealth Management Inc. increased its stake in shares of Prairie Operating by 13.6% in the 2nd quarter. Navigation Wealth Management Inc. now owns 25,007 shares of the company's stock valued at $75,000 after purchasing an additional 3,000 shares in the last quarter. Hodges Capital Management Inc. purchased a new position in Prairie Operating during the first quarter worth $2,943,000. SageView Advisory Group LLC purchased a new position in Prairie Operating in the 1st quarter valued at about $59,000. Woodline Partners LP acquired a new position in Prairie Operating in the first quarter valued at approximately $3,678,000. Finally, Wellington Management Group LLP bought a new stake in shares of Prairie Operating during the first quarter valued at approximately $97,000. Hedge funds and other institutional investors own 34.28% of the company's stock.

About Prairie Operating

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.