Strength Seen in Prairie Operating Co. (PROP): Can Its 26.8% Jump Turn into More Strength?

Prairie Operating Co. (PROP) shares soared 26.8% in the last two trading sessions to close at $9.50. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 46.2% 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 entered an agreement to acquire certain assets in the D-J Basin from Bayswater Exploration and Production. The acquisition adds 24,000 net acres in the Weld County, complimenting Prairie’s existing acreage within the D-J Basin. This acquisition is expected to expand the company’s resource base and potential production capacity. This acquisition enhances Prairie’s existing acreage, expands its resource base, and increases its production potential. Additionally, the acquisition aligns with the company’s low-cost operating strategy, with breakeven costs as low as $43.80 per barrel in Weld County. 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 loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +83.1%. Revenues are expected to be $12.02 million, up 1,220.9% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Prairie Operating Co., the consensus EPS estimate for the quarter has seen one downward revision 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 #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Prairie Operating Co. is a member of the Zacks Oil and Gas - Integrated - United States industry. One other stock in the same industry, DT Midstream (DTM), finished the last trading session 1.2% lower at $98.75. DTM has returned -4.6% over the past month.For DT Midstream, the consensus EPS estimate for the upcoming report has seen two downward revisions over the past month at $0.91. This represents a change of -26.6% from what the company reported a year ago. DT Midstream currently has a Zacks Rank of #2 (Buy).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Prairie Operating Co. (PROP): Free Stock Analysis Report DT Midstream, Inc. (DTM): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks