HOUSTON - Prairie Operating Co. (NASDAQ:PROP), an independent energy company, is set to join the Russell 3000 Index at the opening of U.S. equity markets on July 1st, following the 2024 Russell US Indexes annual reconstitution.
The inclusion in the Russell 3000, which is determined by market-capitalization rankings and style attributes, will also place Prairie Operating in either the large-cap Russell 1000 or small-cap Russell 2000 Index, as well as in applicable growth and value style indexes.
Ed Kovalik, Chairman and CEO of Prairie Operating, expressed satisfaction with the company's inclusion in the index, citing it as a reflection of the company's growth strategies and progress. Kovalik also noted the potential benefits of increased investor visibility and a broader investor base as a result of the inclusion.
FTSE Russell, the global index provider responsible for the Russell Indexes, emphasizes the importance of their annual reconstitution in ensuring that the indexes accurately reflect the U.S. stock market and remain unbiased. Fiona Bassett, CEO of FTSE Russell, highlighted the role of rebalancing in maintaining the integrity of the benchmarks.
Prairie Operating, headquartered in Houston, Texas, focuses on the development and acquisition of oil and natural gas resources in the United States, particularly within the Denver-Julesburg (DJ) Basin. The company prioritizes responsible development and aims to maximize returns through growth, capital discipline, and sustainable cash flow generation.
This news is based on a press release statement and has not been independently verified. The company's forward-looking statements involve risks and uncertainties, and actual results may differ from those projected. Prairie Operating's periodic filings with the Securities and Exchange Commission provide further details on these risks.
InvestingPro Insights
As Prairie Operating Co. (NASDAQ:PROP) prepares to join the Russell 3000 Index, investors are looking closely at the company's financial health and market performance. According to the latest data from InvestingPro, Prairie Operating has a market capitalization of $153.72 million, which places it in the small-cap category.
One of the InvestingPro Tips for Prairie Operating is the company's significant revenue growth, with a 501.39% increase over the last twelve months as of Q1 2024. This impressive growth rate may capture the attention of investors seeking high-growth opportunities.
Another InvestingPro Tip points out that Prairie Operating has experienced a high return over the last year, with a 425.42% price total return. This robust performance could be a compelling factor for investors considering the stock following its inclusion in the Russell 3000 Index.
From a valuation standpoint, Prairie Operating's price/book ratio is 4.08 as of Q1 2024, suggesting that the stock may be trading at a premium compared to its book value. Moreover, the company's stock price is currently at 68.16% of its 52-week high, potentially indicating room for upside if the market sentiment remains positive.
Investors interested in further insights and tips on Prairie Operating can find additional information on the InvestingPro platform, which offers a wealth of financial metrics and analysis tools. Currently, there are 9 additional InvestingPro Tips available for Prairie Operating at https://www.investing.com/pro/PROP. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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