HighPeak Energy (NASDAQ:HPK) Sets New 12-Month High - Here's Why

Key Points

• HighPeak Energy shares reached a new 52-week high, trading as high as $9.23 and up from the prior close of $8.73.
• The company reported quarterly EPS of $0.59, well above the $0.02 analyst consensus, while revenue of $272.42 million increased 25.8% year over year and exceeded estimates.
• Analyst sentiment remains mixed, with an overall “Hold” rating and a consensus price target of $12.00. Institutional ownership stands at 24.13% after several funds, including BlackRock, added or initiated positions.

Shares of HighPeak Energy, Inc. (NASDAQ:HPK - Get Free Report) reached a new 52-week high during mid-day trading on Friday. The stock traded as high as $9.23 and last traded at $9.1740, with a volume of 112175 shares traded. The stock had previously closed at $8.73.

Wall Street Analysts Forecast Growth

A number of research firms have commented on HPK. Weiss Ratings restated a "sell (d)" rating on shares of HighPeak Energy in a research report on Monday, August 31st. Wall Street Zen raised HighPeak Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $12.00.

HighPeak Energy Stock Performance

The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.69. The firm's fifty day moving average price is $7.92 and its 200 day moving average price is $7.30. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -12.02 and a beta of 0.36.

HighPeak Energy (NASDAQ:HPK - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.57. HighPeak Energy had a negative return on equity of 1.44% and a negative net margin of 10.52%.The company had revenue of $272.42 million for the quarter, compared to analyst estimates of $240.03 million. During the same quarter in the previous year, the company earned $0.10 earnings per share. The firm's quarterly revenue was up 25.8% compared to the same quarter last year. Analysts forecast that HighPeak Energy, Inc. will post -0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On HighPeak Energy

Several institutional investors and hedge funds have recently modified their holdings of HPK. BlackRock Inc. purchased a new position in HighPeak Energy during the 2nd quarter valued at about $13,154,000. Bank of New York Mellon Corp increased its stake in HighPeak Energy by 6.9% during the first quarter. Bank of New York Mellon Corp now owns 868,683 shares of the company's stock worth $5,994,000 after purchasing an additional 55,955 shares during the period. Texas Capital Bank Wealth Management Services Inc purchased a new stake in HighPeak Energy during the second quarter worth about $5,426,000. PDT Partners LLC acquired a new stake in shares of HighPeak Energy during the second quarter worth about $3,831,000. Finally, Empowered Funds LLC acquired a new stake in shares of HighPeak Energy during the second quarter worth about $1,285,000. Hedge funds and other institutional investors own 24.13% of the company's stock.

About HighPeak Energy

HighPeak Energy, Inc NASDAQ: HPK is an independent oil and natural gas company focused on the acquisition, development and production of unconventional oil and gas reserves in the Midland Basin of the Permian Basin in West Texas.

The company's operations are concentrated primarily in Howard and Borden counties, where it develops horizontal wells and produces crude oil, natural gas liquids and natural gas. HighPeak Energy's activities include leasing acreage, drilling and completing wells, operating production facilities, and managing related gathering and infrastructure arrangements.

HighPeak Energy was established through a business combination involving Pure Acquisition Corp.

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