HighPeak Energy (NASDAQ:HPK) Trading Down 8.7% - Here's What Happened

Key Points

• HighPeak Energy's stock price fell by 8.7% to $9.11, with trading volume significantly declining to 114,661 shares, which is a 64% drop from its average daily volume.
• Analysts from Bank of America have initiated coverage with an "underperform" rating and set a target price of $10.00 for the company.
• The company reported earnings of $0.31 per share, exceeding estimates, but noted a 10.6% decline in revenues compared to the previous year.

Shares of HighPeak Energy, Inc. (NASDAQ:HPK - Get Free Report) dropped 8.7% on Friday . The company traded as low as $9.06 and last traded at $9.11. Approximately 114,661 shares were traded during trading, a decline of 64% from the average daily volume of 322,504 shares. The stock had previously closed at $9.97.

Analyst Ratings Changes

Separately, Bank of America initiated coverage on HighPeak Energy in a research report on Monday, April 7th. They set an "underperform" rating and a $10.00 price objective on the stock.

HighPeak Energy Stock Performance

The company has a debt-to-equity ratio of 0.55, a current ratio of 0.51 and a quick ratio of 0.48. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 10.19 and a beta of 1.06. The firm has a fifty day simple moving average of $10.12 and a two-hundred day simple moving average of $11.05.

HighPeak Energy (NASDAQ:HPK - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.09. The business had revenue of $257.45 million during the quarter, compared to the consensus estimate of $255.33 million. HighPeak Energy had a return on equity of 8.79% and a net margin of 12.03%. The company's quarterly revenue was down 10.6% on a year-over-year basis. During the same quarter last year, the company earned $0.37 earnings per share. On average, analysts expect that HighPeak Energy, Inc. will post 0.78 EPS for the current year.

HighPeak Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Investors of record on Monday, June 2nd were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.8%. HighPeak Energy's payout ratio is 18.18%.

Institutional Investors Weigh In On HighPeak Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new position in HighPeak Energy in the fourth quarter valued at approximately $463,000. JPMorgan Chase & Co. lifted its holdings in HighPeak Energy by 867.0% in the fourth quarter. JPMorgan Chase & Co. now owns 65,121 shares of the company's stock valued at $957,000 after acquiring an additional 58,387 shares during the period. Vanguard Group Inc. lifted its holdings in HighPeak Energy by 6.7% in the fourth quarter. Vanguard Group Inc. now owns 2,158,851 shares of the company's stock valued at $31,735,000 after acquiring an additional 135,792 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in HighPeak Energy by 5.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 29,829 shares of the company's stock valued at $438,000 after acquiring an additional 1,608 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in HighPeak Energy by 30.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 51,442 shares of the company's stock valued at $756,000 after acquiring an additional 11,870 shares during the period. Institutional investors and hedge funds own 24.13% of the company's stock.

About HighPeak Energy

HighPeak Energy, Inc, an independent oil and natural gas company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids reserves in the Permian Basin in West Texas and Eastern New Mexico. The company was incorporated in 2019 and is headquartered in Fort Worth, Texas.