HighPeak Energy (NASDAQ:HPK) Shares Down 8.4% - Here's What Happened

Key Points

• HighPeak Energy shares fell 8.4% to $9.33, with trading volume down 79% from the average daily level.
• Analyst sentiment remains cautious: one analyst rates the stock “Hold” and another “Sell,” resulting in a consensus “Reduce” rating.
• The company recently exceeded quarterly expectations, reporting $0.59 earnings per share and $272.42 million in revenue, up 25.8% year over year; institutional investors own 24.13% of its shares.

HighPeak Energy, Inc. (NASDAQ:HPK - Get Free Report)'s stock price dropped 8.4% on Monday. The stock traded as low as $9.19 and last traded at $9.33. 159,661 shares changed hands during trading, a decline of 79% from the average daily volume of 770,810 shares. The stock had previously closed at $10.19.

Wall Street Analysts Forecast Growth

HPK has been the subject of a number of recent analyst reports. Weiss Ratings restated a "sell (d)" rating on shares of HighPeak Energy in a report 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, HighPeak Energy has an average rating of "Reduce".

HighPeak Energy Trading Down 12.3%

The company's fifty day simple moving average is $8.91 and its two-hundred day simple moving average is $7.06. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -11.33 and a beta of 0.04. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.69.

HighPeak Energy (NASDAQ:HPK - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.59 EPS for the quarter, topping 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 last year, the firm posted $0.10 earnings per share. HighPeak Energy's revenue was up 25.8% compared to the same quarter last year. Research analysts forecast that HighPeak Energy, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of HighPeak Energy

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of HighPeak Energy in the second quarter worth $13,154,000. Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of HighPeak Energy in the 2nd quarter worth about $5,426,000. PDT Partners LLC purchased a new position in shares of HighPeak Energy in the second quarter valued at $3,831,000. Empowered Funds LLC purchased a new stake in HighPeak Energy in the second quarter valued at approximately $1,285,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of HighPeak Energy in the 2nd quarter worth approximately $1,188,000. 24.13% of the stock is currently owned by institutional investors.

HighPeak Energy Company Profile

HighPeak Energy, Inc NASDAQ: HPK is an independent energy company engaged in the acquisition, development and production of oil, natural gas and natural gas liquids. The company focuses primarily on unconventional reserves in the Permian Basin, one of the leading oil-producing regions in the United States.

HighPeak Energy's operations are concentrated in the Midland Basin of West Texas, particularly in Howard and Borden counties. Its activities include drilling and completing horizontal wells, developing oil and gas acreage, and producing hydrocarbons for sale into regional energy markets.

The company became a publicly traded entity in 2020 through a business combination involving Pure Acquisition Corp.

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