Prairie Operating Target of Unusually High Options Trading (NASDAQ:PROP)
by Michael Walen · The Markets DailyPrairie Operating Co. (NASDAQ:PROP – Get Free Report) saw unusually large options trading activity on Thursday. Stock investors purchased 8,313 call options on the stock. This is an increase of approximately 344% compared to the average daily volume of 1,871 call options.
Insider Activity at Prairie Operating
In related news, major shareholder Nominees Pty Ltd Atf Narrogal acquired 210,981 shares of the company’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 acquisition, the insider directly owned 15,481,603 shares in the company, valued at approximately $24,925,380.83. The trade was a 1.38% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 15.44% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Prairie Operating
Several hedge funds have recently modified their holdings of PROP. Woodline Partners LP bought a new position in shares of Prairie Operating in the 1st quarter valued at about $3,678,000. Geode Capital Management LLC raised its holdings 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 acquiring an additional 285,934 shares in the last quarter. Cetera Investment Advisers boosted its position in Prairie Operating by 90.5% during the second quarter. Cetera Investment Advisers now owns 19,745 shares of the company’s stock valued at $59,000 after purchasing an additional 9,379 shares during the last quarter. Intech Investment Management LLC acquired a new position in Prairie Operating during the second quarter valued at approximately $39,000. Finally, Rockefeller Capital Management L.P. grew its stake in Prairie Operating by 22.8% in the second quarter. Rockefeller Capital Management L.P. now owns 173,151 shares of the company’s stock valued at $519,000 after purchasing an additional 32,145 shares in the last quarter. Institutional investors own 34.28% of the company’s stock.
Analyst Ratings Changes
PROP has been the topic of several recent research reports. William Blair set a $3.50 price target on Prairie Operating in a research note on Tuesday, March 3rd. Zacks Research cut Prairie Operating from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 5th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Prairie Operating in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Prairie Operating has an average rating of “Hold” and an average price target of $6.10.
Get Our Latest Analysis on Prairie Operating
Prairie Operating Stock Up 20.4%
PROP traded up $0.37 during trading hours on Thursday, hitting $2.16. 7,842,090 shares of the company’s stock were exchanged, compared to its average volume of 2,336,711. The stock has a market cap of $128.55 million, a price-to-earnings ratio of -0.66 and a beta of 2.44. Prairie Operating has a 1-year low of $1.31 and a 1-year high of $5.99. The stock’s 50-day moving average is $1.78 and its two-hundred day moving average is $1.83. The company has a quick ratio of 0.80, a current ratio of 0.83 and a debt-to-equity ratio of 4.11.
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.