Citigroup Begins Coverage on Prairie Operating (NASDAQ:PROP)

Citigroup initiated coverage on shares of Prairie Operating (NASDAQ:PROP) in a research note released on Monday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $8.00 price target on the stock.

Several other brokerages have also recently weighed in on PROP. Johnson Rice started coverage on shares of Prairie Operating in a research report on Monday, May 12th. They set an “accumulate” rating and a $9.00 price target on the stock. Piper Sandler cut their price target on shares of Prairie Operating from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Finally, Wall Street Zen lowered shares of Prairie Operating from a “hold” rating to a “sell” rating in a research note on Saturday, May 24th. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Prairie Operating Stock Down 2.3%

Shares of PROP opened at $3.78 on Monday. Prairie Operating has a 52-week low of $3.35 and a 52-week high of $13.59. The firm’s fifty day moving average is $4.20 and its two-hundred day moving average is $6.38. The stock has a market cap of $165.68 million, a PE ratio of -1.26 and a beta of 3.13.

Insider Activity at Prairie Operating

In other news, CEO Edward Kovalik acquired 7,140 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was acquired 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 now owns 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Gary C. Hanna acquired 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was purchased at an average cost of $3.83 per share, with a total value of $95,750.00. Following the completion of the acquisition, the president now directly owns 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 acquired 43,840 shares of company stock valued at $163,847 over the last three months. 15.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Prairie Operating

Large investors have recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of Prairie Operating by 128.0% during the fourth quarter. Wells Fargo & Company MN now owns 4,376 shares of the company’s stock worth $30,000 after purchasing an additional 2,457 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of Prairie Operating during the first quarter worth $42,000. SageView Advisory Group LLC acquired a new stake in shares of Prairie Operating during the first quarter worth $59,000. JPMorgan Chase & Co. lifted its holdings in shares of Prairie Operating by 163.4% during the third quarter. JPMorgan Chase & Co. now owns 6,966 shares of the company’s stock worth $61,000 after purchasing an additional 4,321 shares during the period. Finally, Quotient Wealth Partners LLC acquired a new stake in shares of Prairie Operating during the first quarter worth $73,000. 34.28% of the stock is owned by institutional investors and hedge funds.

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.