Analysts Set Prairie Operating Co. (NASDAQ:PROP) Target Price at $6.75

Prairie Operating Co. (NASDAQ:PROP) has been assigned an average recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $6.75.

PROP has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Prairie Operating from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Prairie Operating in a report on Tuesday, October 14th. Finally, Piper Sandler decreased their target price on shares of Prairie Operating to $2.00 and set a “neutral” rating for the company in a research report on Tuesday, October 21st.

Insider Buying and Selling

In related news, Director Jonathan H. Gray acquired 89,000 shares of the stock in a transaction dated Friday, September 5th. The stock was purchased at an average cost of $2.11 per share, with a total value of $187,790.00. Following the completion of the purchase, the director directly owned 675,817 shares in the company, valued at $1,425,973.87. This trade represents a 15.17% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders purchased 442,480 shares of company stock worth $937,103. Insiders own 15.44% of the company’s stock.

Hedge Funds Weigh In On Prairie Operating

A number of hedge funds have recently bought and sold shares of PROP. Bank of New York Mellon Corp boosted its position in Prairie Operating by 30.6% in the first 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. Wellington Management Group LLP bought a new stake in shares of Prairie Operating during the 1st quarter worth $97,000. Woodline Partners LP purchased a new position in shares of Prairie Operating in the 1st quarter worth about $3,678,000. SageView Advisory Group LLC bought a new position in Prairie Operating during the first quarter valued at about $59,000. Finally, Hodges Capital Management Inc. bought a new position in Prairie Operating during the first quarter valued at about $2,943,000. 34.28% of the stock is owned by hedge funds and other institutional investors.

Prairie Operating Price Performance

Shares of NASDAQ:PROP opened at $1.72 on Friday. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.58 and a current ratio of 0.60. Prairie Operating has a 52-week low of $1.64 and a 52-week high of $10.58. The business’s 50 day simple moving average is $1.94 and its two-hundred day simple moving average is $2.99. The firm has a market cap of $86.48 million, a P/E ratio of -0.45 and a beta of 2.07.

Prairie Operating (NASDAQ:PROP) 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 firm had revenue of $68.10 million during the quarter, compared to the consensus estimate of $125.50 million. As a group, research analysts forecast that Prairie Operating will post -2.13 EPS for the current fiscal year.

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.