Prairie Operating Co. (NASDAQ: PROP) has garnered a consensus rating of “Moderate Buy” from five brokerages currently covering the stock, according to MarketBeat Ratings. The average target price set by analysts for the next twelve months is $8.75. Among the analysts, one has issued a hold recommendation, while four have recommended buying the stock.
Several equity analysts have recently provided insights into Prairie Operating. Notably, Roth Capital initiated coverage on June 12, 2023, assigning a “buy” rating with a target price of $8.00. Johnson Rice followed suit with a coverage report on May 12, 2023, issuing an “accumulate” rating and setting a price objective of $9.00. KeyCorp began its coverage on July 3, 2023, designating a “sector weight” rating for the stock. Citigroup also started coverage on June 2, 2023, with a “buy” rating and a target price of $8.00. In a notable adjustment, Piper Sandler revised its price target from $11.00 to $10.00, maintaining an “overweight” rating in a report dated May 13, 2023.
Institutional Investor Activity
Recent trading activity by institutional investors indicates growing interest in Prairie Operating. Woodline Partners LP acquired a new stake in the first quarter valued at approximately $3.68 million. Similarly, Hodges Capital Management Inc. purchased a new stake worth about $2.94 million during the same period.
Geode Capital Management LLC made a significant move by increasing its position in Prairie Operating by 105.5% during the fourth quarter and now holds 250,614 shares worth approximately $1.73 million after acquiring an additional 128,648 shares. Rhumbline Advisers also raised its holdings by an impressive 1,053.9%, now owning 40,224 shares valued at $278,000 after adding 36,738 shares. Northern Trust Corp increased its position by 92.6%, now holding 62,884 shares worth $435,000 after purchasing an additional 30,242 shares. Overall, institutional investors and hedge funds now control 34.28% of Prairie Operating’s stock.
Current Stock Performance
As of Monday, Prairie Operating’s stock opened at $3.50, reflecting a market capitalization of $153.41 million. The company reports a price-to-earnings (P/E) ratio of -1.17 and a beta of 1.92, indicating higher volatility compared to the market. The stock’s current ratio stands at 0.57, and the quick ratio is 0.56, while the debt-to-equity ratio is notably high at 11.17. Over the past twelve months, the stock reached a low of $2.74 and peaked at $12.30. The fifty-day simple moving average is $3.84, and the 200-day simple moving average is $5.52.
Founded in Houston, Texas, Prairie Operating Co. is an independent energy company involved in the development, exploration, and production of oil, natural gas, and natural gas liquids primarily in the United States. The company holds assets in key regions, including the Denver-Julesburg Basin in Colorado and the Niobrara and Codell formations. As financial analysts and institutional investors closely monitor Prairie Operating, the coming months will likely reveal further developments in the company’s stock performance and market positioning.
