HighPeak Energy (NASDAQ:HPK) Shares Up 4.1% - Here's Why

Key Points

• HighPeak Energy shares rose 4.1% to about $10.11 in mid-day trading, although volume was 84% below the stock’s average daily volume.
• Analyst sentiment remains cautious: one analyst rates HPK “Hold” and another “Sell,” resulting in a consensus “Reduce” rating.
• The company beat quarterly expectations, reporting $0.59 in earnings per share versus the $0.02 consensus estimate and revenue of $272.42 million, up 25.8% year over year. Institutional investors own 24.13% of the stock.

HighPeak Energy, Inc. (NASDAQ:HPK - Get Free Report) rose 4.1% during mid-day trading on Tuesday. The stock traded as high as $10.06 and last traded at $10.1120. 126,191 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 774,140 shares. The stock had previously closed at $9.71.

Analysts Set New Price Targets

HPK has been the subject of several recent analyst reports. Weiss Ratings restated a "sell (d)" rating on shares of HighPeak Energy in a research report on Monday, August 31st. Wall Street Zen upgraded HighPeak Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce".

HighPeak Energy Trading Up 8.0%

The stock's fifty day moving average price is $8.02 and its 200 day moving average price is $7.35. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a market capitalization of $1.33 billion, a P/E ratio of -13.27 and a beta of 0.36.

HighPeak Energy (NASDAQ:HPK - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.59 EPS for the quarter, topping 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 quarter last year, the firm posted $0.10 EPS. The firm's revenue was up 25.8% compared to the same quarter last year. Research analysts forecast that HighPeak Energy, Inc. will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On HighPeak Energy

A number of institutional investors have recently modified their holdings of HPK. BlackRock Inc. purchased a new stake in shares of HighPeak Energy in the second quarter valued at approximately $13,154,000. Bank of New York Mellon Corp grew its stake in HighPeak Energy by 6.9% in 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 in the last quarter. Texas Capital Bank Wealth Management Services Inc purchased a new position in HighPeak Energy during the 2nd quarter worth $5,426,000. PDT Partners LLC purchased a new position in HighPeak Energy during the 2nd quarter worth $3,831,000. Finally, Empowered Funds LLC purchased a new position in HighPeak Energy during the 2nd quarter worth $1,285,000. 24.13% of the stock is owned by hedge funds and other institutional investors.

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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