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Prairie Operating Co. (PROP) Moves 12.5% Higher: Will This Strength Last?
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Prairie Operating Co. (PROP - Free Report) shares soared 12.5% since Oct 3 to close at $9.73. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.2% gain over the past four weeks.
The surge can be attributed to a favorable commodity price environment and Prairie’s strong presence in the D-J Basin of the United States. The company owns 30,000 net acres in the D-J Basin. Recently, the company acquired assets from Nickel Road Operating, LLC, primarily oil-producing assets, which will add 5,592 net leasehold acres to Prairie’s existing acreage within the D-J Basin. This acquisition is expected to boost the company’s resource base and potential production capacity. With oil prices approaching the $80 per barrel mark, Prairie Operating Co. is anticipated to benefit from increased production. The company’s expansion in the D-J Basin, coupled with the favorable commodity price environment, has been significant revenue drivers.
This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +139.6%. Revenues are expected to be $32.06 million, up 6869.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Prairie Operating Co., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PROP going forward to see if this recent jump can turn into more strength down the road.
Prairie Operating Co. is part of the Zacks Oil and Gas - Integrated - United States industry. Atlas Energy Solutions Inc. (AESI - Free Report) , another stock in the same industry, closed the last trading session at $22.62, which was 0.8% higher than on Oct 3. AESI has returned 13.7% in the past month.
For Atlas Energy Solutions Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.40. This represents a change of -27.3% from what the company reported a year ago. Atlas Energy Solutions Inc. currently has a Zacks Rank of #3 (Hold).
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Prairie Operating Co. (PROP) Moves 12.5% Higher: Will This Strength Last?
Prairie Operating Co. (PROP - Free Report) shares soared 12.5% since Oct 3 to close at $9.73. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.2% gain over the past four weeks.
The surge can be attributed to a favorable commodity price environment and Prairie’s strong presence in the D-J Basin of the United States. The company owns 30,000 net acres in the D-J Basin. Recently, the company acquired assets from Nickel Road Operating, LLC, primarily oil-producing assets, which will add 5,592 net leasehold acres to Prairie’s existing acreage within the D-J Basin. This acquisition is expected to boost the company’s resource base and potential production capacity. With oil prices approaching the $80 per barrel mark, Prairie Operating Co. is anticipated to benefit from increased production. The company’s expansion in the D-J Basin, coupled with the favorable commodity price environment, has been significant revenue drivers.
This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +139.6%. Revenues are expected to be $32.06 million, up 6869.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Prairie Operating Co., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PROP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Prairie Operating Co. is part of the Zacks Oil and Gas - Integrated - United States industry. Atlas Energy Solutions Inc. (AESI - Free Report) , another stock in the same industry, closed the last trading session at $22.62, which was 0.8% higher than on Oct 3. AESI has returned 13.7% in the past month.
For Atlas Energy Solutions Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.40. This represents a change of -27.3% from what the company reported a year ago. Atlas Energy Solutions Inc. currently has a Zacks Rank of #3 (Hold).