Citigroup Begins Coverage on Prairie Operating (NASDAQ:PROP)

Analysts at Citigroup initiated coverage on shares of Prairie Operating (NASDAQ:PROP) in a research note issued on Monday, MarketBeat reports. The firm set a “buy” rating and a $8.00 price target on the stock. Citigroup’s target price would suggest a potential upside of 101.01% from the stock’s previous close.

A number of other research firms have also recently issued reports on PROP. Piper Sandler reduced 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 note on Tuesday, May 13th. Johnson Rice began coverage on shares of Prairie Operating in a research note on Monday, May 12th. They issued an “accumulate” rating and a $9.00 target price for the company. Finally, Wall Street Zen cut 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $9.00.

Prairie Operating Stock Up 5.3%

NASDAQ PROP opened at $3.98 on Monday. The stock has a market capitalization of $174.44 million, a PE ratio of -1.33 and a beta of 3.13. The company has a 50 day moving average price of $4.17 and a two-hundred day moving average price of $6.36. Prairie Operating has a 12-month low of $3.35 and a 12-month high of $13.59.

Insider Activity

In related news, CEO Edward Kovalik bought 6,700 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $3.74 per share, with a total value of $25,058.00. Following the completion of the transaction, the chief executive officer now owns 1,339,055 shares of the company’s stock, valued at $5,008,065.70. The trade was a 0.50% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Gary C. Hanna bought 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were bought at an average cost of $3.83 per share, for a total transaction of $95,750.00. Following the transaction, the president now directly owns 1,350,226 shares of the company’s stock, valued at $5,171,365.58. This trade represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 43,840 shares of company stock valued at $163,847 over the last 90 days. 15.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Prairie Operating

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers increased its position in Prairie Operating by 1,053.9% during the fourth quarter. Rhumbline Advisers now owns 40,224 shares of the company’s stock worth $278,000 after acquiring an additional 36,738 shares during the period. Geode Capital Management LLC increased its position in Prairie Operating by 105.5% during the fourth quarter. Geode Capital Management LLC now owns 250,614 shares of the company’s stock worth $1,734,000 after acquiring an additional 128,648 shares during the period. JPMorgan Chase & Co. increased its position in 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 acquiring an additional 4,321 shares during the period. Wells Fargo & Company MN increased its position in 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 acquiring an additional 2,457 shares during the period. Finally, Northern Trust Corp increased its position in 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 period. Institutional investors own 34.28% of the company’s stock.

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.