Prairie Operating (NASDAQ:PROP) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Prairie Operating (NASDAQ:PROP) from a hold rating to a strong sell rating in a research note released on Thursday,Zacks.com reports.

PROP has been the subject of several other research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Prairie Operating in a report on Monday, December 29th. William Blair set a $3.50 price target on shares of Prairie Operating in a report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.10.

Prairie Operating Price Performance

PROP stock remained flat at $1.60 during midday trading on Thursday. 2,545,521 shares of the company’s stock were exchanged, compared to its average volume of 1,560,840. Prairie Operating has a 1 year low of $1.50 and a 1 year high of $7.19. The firm has a market capitalization of $95.44 million, a price-to-earnings ratio of -0.49 and a beta of 2.44. The stock’s 50 day simple moving average is $1.79 and its 200-day simple moving average is $1.89. The company has a debt-to-equity ratio of 4.11, a current ratio of 0.83 and a quick ratio of 0.80.

Insider Activity

In other Prairie Operating news, major shareholder Nominees Pty Ltd Atf Narrogal purchased 210,981 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The shares were acquired at an average cost of $1.61 per share, for a total transaction of $339,679.41. Following the completion of the purchase, the insider owned 15,481,603 shares of the company’s stock, valued at approximately $24,925,380.83. The trade was a 1.38% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have bought a total of 1,651,736 shares of company stock valued at $2,778,050 over the last three months. Insiders own 15.44% of the company’s stock.

Institutional Trading of Prairie Operating

A number of institutional investors have recently bought and sold shares of PROP. Lazard Asset Management LLC bought a new position in shares of Prairie Operating during the fourth quarter worth approximately $1,628,000. Woodline Partners LP bought a new stake in shares of Prairie Operating in the first quarter valued at approximately $3,678,000. Marshall Wace LLP acquired a new stake in Prairie Operating during the second quarter worth approximately $860,000. Geode Capital Management LLC grew its position in Prairie Operating by 76.2% during the second quarter. Geode Capital Management LLC now owns 661,390 shares of the company’s stock worth $1,981,000 after buying an additional 285,934 shares in the last quarter. Finally, FOCUS Wealth Advisors LLC bought a new position in Prairie Operating during the 3rd quarter worth $278,000. Institutional investors own 34.28% of the company’s stock.

About Prairie Operating

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.