Prairie Operating (NASDAQ:PROP) Raised to "Hold" at Wall Street Zen

Wall Street Zen upgraded shares of Prairie Operating (NASDAQ:PROP - Free Report) from a sell rating to a hold rating in a report issued on Friday.

PROP has been the subject of a number of other research reports. Piper Sandler decreased their price target on shares of Prairie Operating from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Citigroup started coverage on shares of Prairie Operating in a report on Monday, June 2nd. They issued a "buy" rating and a $8.00 price objective for the company. Finally, Johnson Rice initiated coverage on shares of Prairie Operating in a research report on Monday, May 12th. They issued an "accumulate" rating and a $9.00 target price on the stock. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $9.00.

Prairie Operating Trading Up 2.3%

Shares of Prairie Operating stock traded up $0.09 during trading on Friday, hitting $3.99. 1,337,725 shares of the stock traded hands, compared to its average volume of 293,498. The stock's fifty day simple moving average is $4.08 and its 200 day simple moving average is $6.26. Prairie Operating has a 52-week low of $3.35 and a 52-week high of $13.59. The firm has a market cap of $174.88 million, a P/E ratio of -1.33 and a beta of 2.03.

Insider Activity

In related news, CEO Edward Kovalik bought 7,140 shares of the stock in a transaction on Thursday, May 22nd. The shares were bought at an average cost of $3.51 per share, for a total transaction of $25,061.40. Following the completion of the transaction, the chief executive officer now owns 1,332,355 shares of the company's stock, valued at $4,676,566.05. This represents a 0.54% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Gary C. Hanna purchased 25,000 shares of Prairie Operating stock in a transaction on Tuesday, May 27th. The stock was acquired at an average cost of $3.83 per share, for a total transaction of $95,750.00. Following the acquisition, the president now directly owns 1,350,226 shares of the company's stock, 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. Insiders have acquired 43,840 shares of company stock valued at $163,847 in the last ninety days. 15.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Prairie Operating

Several hedge funds and other institutional investors have recently made changes to their positions in PROP. Wells Fargo & Company MN boosted its stake in shares of Prairie Operating by 128.0% during the 4th quarter. Wells Fargo & Company MN now owns 4,376 shares of the company's stock valued at $30,000 after buying an additional 2,457 shares during the last quarter. Bank of New York Mellon Corp grew its position in Prairie Operating by 30.6% in the 1st quarter. Bank of New York Mellon Corp now owns 14,741 shares of the company's stock worth $79,000 after purchasing an additional 3,453 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Prairie Operating in the 1st quarter worth about $42,000. JPMorgan Chase & Co. grew its position in Prairie Operating by 121.8% in the 4th quarter. JPMorgan Chase & Co. now owns 15,451 shares of the company's stock worth $107,000 after purchasing an additional 8,485 shares during the last quarter. Finally, Navigation Wealth Management Inc. lifted its stake in shares of Prairie Operating by 83.3% in the 1st quarter. Navigation Wealth Management Inc. now owns 22,007 shares of the company's stock worth $118,000 after acquiring an additional 10,000 shares during the period. 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.