Zacks Research Upgrades Prairie Operating (NASDAQ:PROP) to “Hold”

Prairie Operating (NASDAQ:PROP) was upgraded by analysts at Zacks Research to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

PROP has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Prairie Operating in a research report on Monday. Piper Sandler reduced their target price on Prairie Operating to $2.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 21st. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prairie Operating currently has a consensus rating of “Hold” and an average price target of $6.75.

Prairie Operating Price Performance

PROP stock opened at $1.83 on Thursday. The stock has a market capitalization of $109.16 million, a price-to-earnings ratio of -0.56 and a beta of 2.27. The firm’s 50-day moving average price is $1.78 and its two-hundred day moving average price is $2.41. The company has a current ratio of 0.83, a quick ratio of 0.80 and a debt-to-equity ratio of 4.11. Prairie Operating has a 12-month low of $1.57 and a 12-month high of $10.58.

Insider Buying and Selling at Prairie Operating

In other news, major shareholder Nominees Pty Ltd Atf Narrogal bought 850,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was purchased at an average price of $1.69 per share, with a total value of $1,436,500.00. Following the transaction, the insider owned 14,993,279 shares of the company’s stock, valued at approximately $25,338,641.51. The trade was a 6.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders purchased 3,441,989 shares of company stock worth $5,853,115. 15.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Prairie Operating

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Prairie Operating by 0.6% during the third quarter. Vanguard Group Inc. now owns 1,276,221 shares of the company’s stock valued at $2,533,000 after buying an additional 7,042 shares during the period. Woodline Partners LP bought a new position in shares of Prairie Operating in the 1st quarter worth about $3,678,000. Geode Capital Management LLC lifted its position in Prairie Operating by 76.2% during the 2nd quarter. Geode Capital Management LLC now owns 661,390 shares of the company’s stock valued at $1,981,000 after acquiring an additional 285,934 shares during the period. Hodges Capital Management Inc. bought a new stake in Prairie Operating during the first quarter worth about $2,943,000. Finally, Marshall Wace LLP bought a new stake in Prairie Operating during the second quarter worth about $860,000. 34.28% of the stock is owned by hedge funds and other institutional investors.

Prairie Operating Company Profile

Prairie Operating (NASDAQ: PROP) is a publicly traded independent exploration and production company focused on the acquisition, development and operation of onshore oil and natural gas properties in the United States. The firm seeks to identify and capitalize on undervalued or overlooked assets, applying a disciplined approach to drilling, completion and production optimization. By concentrating on core resource plays, Prairie Operating aims to deliver steady production growth and free cash flow.

The company’s asset base is concentrated in the Permian Basin region of West Texas and southeastern New Mexico, where it holds working interests in both conventional and unconventional reservoirs.