Prairie Operating (NASDAQ:PROP) Stock Rating Upgraded by Wall Street Zen

Key Points

• Prairie Operating has been upgraded from a "sell" to a "hold" rating by analysts at Wall Street Zen, reflecting a positive shift in sentiment toward the company.
• The company recently reported a quarterly earnings miss, with earnings per share of $0.18 compared to consensus estimates of $1.28, while revenue was significantly below expectations at $68.10 million.
• Insiders have been actively buying shares, with President Gary C. Hanna acquiring 25,000 shares, indicating confidence in the company's future prospects.

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

A number of other equities analysts have also weighed in on the stock. Johnson Rice started coverage on shares of Prairie Operating in a research note on Monday, May 12th. They issued an "accumulate" rating and a $9.00 target price for the company. Roth Capital assumed coverage on shares of Prairie Operating in a research note on Thursday, June 12th. They issued a "buy" rating and a $8.00 target price for the company. KeyCorp assumed coverage on shares of Prairie Operating in a research note on Thursday, July 3rd. They set a "sector weight" rating for the company. Citigroup assumed coverage on shares of Prairie Operating in a research note on Monday, June 2nd. They set a "buy" rating and a $8.00 price objective for the company. Finally, Piper Sandler reduced their price objective on shares of Prairie Operating from $10.00 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $8.50.

Prairie Operating Price Performance

Shares of NASDAQ:PROP traded down $0.5350 during trading on Friday, reaching $2.1650. The stock had a trading volume of 3,586,872 shares, compared to its average volume of 948,980. Prairie Operating has a 52 week low of $2.17 and a 52 week high of $12.30. The business's 50-day moving average price is $3.52 and its 200 day moving average price is $4.77. The company has a debt-to-equity ratio of 4.13, a current ratio of 0.60 and a quick ratio of 0.58. The stock has a market capitalization of $108.86 million, a PE ratio of -0.73 and a beta of 2.01.

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

Insider Activity at Prairie Operating

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

Institutional Trading of Prairie Operating

Several large investors have recently made changes to their positions in the company. Woodline Partners LP acquired a new stake in Prairie Operating in the first quarter valued at approximately $3,678,000. Hodges Capital Management Inc. acquired a new stake in Prairie Operating in the first quarter valued at approximately $2,943,000. Marshall Wace LLP acquired a new stake in Prairie Operating in the second quarter valued at approximately $860,000. Geode Capital Management LLC boosted its position 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 buying an additional 285,934 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Prairie Operating during the second quarter worth $313,000. Institutional investors and hedge funds 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.