HighPeak Energy (NASDAQ:HPK) Shares Climb 6.1% - Here's What Happened

Key Points

• HighPeak Energy shares rose 6.1% to roughly $11.19 in mid-day trading, although volume was 74% below the average session level.
• The company’s latest quarterly results exceeded expectations, with earnings per share of $0.59 versus a $0.02 consensus estimate and revenue of $272.42 million, up 25.8% year over year.
• Analyst sentiment remains cautious: one analyst rated the stock Hold and another Sell, producing a consensus rating of “Reduce.” Institutional investors own 24.13% of the company after several funds initiated positions.

Shares of HighPeak Energy, Inc. (NASDAQ:HPK - Get Free Report) traded up 6.1% during mid-day trading on Monday. The stock traded as high as $11.11 and last traded at $11.1890. Approximately 205,003 shares were traded during mid-day trading, a decline of 74% from the average session volume of 776,865 shares. The stock had previously closed at $10.55.

Wall Street Analysts Forecast Growth

HPK has been the subject of a number of research reports. Weiss Ratings reissued a "sell (d)" rating on shares of HighPeak Energy in a research note on Monday, August 31st. Wall Street Zen raised HighPeak Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce".

HighPeak Energy Stock Up 6.6%

The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.85 and a current ratio of 0.87. The company's fifty day moving average price is $8.28 and its 200-day moving average price is $7.43. The stock has a market cap of $1.42 billion, a P/E ratio of -14.25 and a beta of 0.36.

HighPeak Energy (NASDAQ:HPK - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.02 by $0.57. HighPeak Energy had a negative net margin of 10.52% and a negative return on equity of 1.44%. The company had revenue of $272.42 million for the quarter, compared to the consensus estimate of $240.03 million. During the same period in the prior year, the firm posted $0.10 EPS. The firm's revenue was up 25.8% compared to the same quarter last year. Equities analysts forecast that HighPeak Energy, Inc. will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HPK. Bank of New York Mellon Corp bought a new stake in shares of HighPeak Energy during the 2nd quarter worth approximately $1,188,000. BlackRock Inc. bought a new position in HighPeak Energy in the 2nd quarter valued at $13,154,000. Texas Capital Bank Wealth Management Services Inc bought a new position in HighPeak Energy in the 2nd quarter valued at $5,426,000. PDT Partners LLC bought a new position in HighPeak Energy in the 2nd quarter valued at $3,831,000. Finally, Ieq Capital LLC bought a new position in HighPeak Energy in the 2nd quarter valued at $996,000. 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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