Prairie Operating (NASDAQ:PROP) Now Covered by Citigroup

Analysts at Citigroup assumed coverage on shares of Prairie Operating (NASDAQ:PROP) in a research note issued on Monday,Benzinga reports. The brokerage set a “buy” rating and a $8.00 price target on the stock. Citigroup’s price target would suggest a potential upside of 105.13% from the company’s previous close.

PROP has been the topic of a number of other reports. Wall Street Zen downgraded Prairie Operating from a “hold” rating to a “sell” rating in a report on Saturday, May 24th. Piper Sandler dropped their target price on shares of Prairie Operating from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Finally, Johnson Rice assumed coverage on shares of Prairie Operating in a report on Monday, May 12th. They issued an “accumulate” rating and a $9.00 price target on the stock. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Prairie Operating currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Prairie Operating Stock Up 6.8%

PROP stock opened at $3.90 on Monday. The company has a market cap of $170.94 million, a price-to-earnings ratio of -1.30 and a beta of 3.13. The business has a fifty day simple moving average of $4.24 and a 200-day simple moving average of $6.40. Prairie Operating has a 52 week low of $3.35 and a 52 week high of $13.59.

Insider Buying and Selling at Prairie Operating

In related news, CEO Edward Kovalik purchased 7,140 shares of Prairie Operating stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased at an average cost of $3.51 per share, with a total value of $25,061.40. Following the transaction, the chief executive officer now owns 1,332,355 shares of the company’s stock, valued at approximately $4,676,566.05. The trade was a 0.54% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Gary C. Hanna purchased 25,000 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was bought at an average price of $3.83 per share, with a total value of $95,750.00. Following the acquisition, the president now owns 1,350,226 shares in the company, valued at $5,171,365.58. This trade represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 43,840 shares of company stock valued at $163,847 over the last three months. 15.44% of the stock is owned by company insiders.

Institutional Trading of Prairie Operating

A number of hedge funds have recently made changes to their positions in PROP. Rhumbline Advisers boosted its stake in shares of Prairie Operating by 1,053.9% in the fourth quarter. Rhumbline Advisers now owns 40,224 shares of the company’s stock valued at $278,000 after purchasing an additional 36,738 shares during the period. Geode Capital Management LLC lifted its holdings in Prairie Operating by 105.5% in the 4th quarter. Geode Capital Management LLC now owns 250,614 shares of the company’s stock worth $1,734,000 after buying an additional 128,648 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Prairie Operating by 163.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,966 shares of the company’s stock valued at $61,000 after buying an additional 4,321 shares during the last quarter. Wells Fargo & Company MN grew its stake 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 valued at $30,000 after acquiring an additional 2,457 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Prairie Operating by 92.6% during the fourth quarter. Northern Trust Corp now owns 62,884 shares of the company’s stock worth $435,000 after acquiring an additional 30,242 shares during the last quarter. Hedge funds and other institutional investors own 34.28% of the company’s stock.

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.