Why These Energy Stocks Are Losing This Week

2. Prairie Operating Co. (NASDAQ:PROP)

Share Price Decline Between Mar. 10 and Mar. 17: 9.77%

Prairie Operating Co. (NASDAQ:PROP) is an independent energy company engaged in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States.

Shares of Prairie Operating Co. (NASDAQ:PROP) have recently declined after the company announced an underwritten public offering of $200 million of shares of its common stock to fund the acquisition of DJ Basin Assets from Bayswater Exploration. The $602.75 million acquisition would significantly increase the scope of Prairie’s operations and bolster its presence in the Denver-Julesburg Basin. Another reason for the plunge in the company’s share price could be its announcement of a new CFO last week.