HighPeak Energy (NASDAQ:HPK) Shares Down 5.1% – Here’s Why

HighPeak Energy, Inc. (NASDAQ:HPK) dropped 5.1% during mid-day trading on Tuesday. The stock traded as low as $10.78 and last traded at $10.8080. 289,597 shares changed hands during trading, a decline of 63% from the average daily volume of 775,188 shares. The stock had previously closed at $11.39.

Analysts Set New Price Targets

Several equities research analysts have weighed in on HPK shares. Wall Street Zen raised HighPeak Energy from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Weiss Ratings reissued a “sell (d)” rating on shares of HighPeak Energy in a research note on Monday, August 31st. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

HighPeak Energy Price Performance

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 firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -13.41 and a beta of 0.36. The stock has a 50 day moving average price of $8.83 and a two-hundred day moving average price of $7.00.

HighPeak Energy (NASDAQ:HPK) last released its quarterly earnings data on Monday, August 10th. The company reported $0.59 earnings per share (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 business had revenue of $272.42 million during the quarter, compared to analysts’ expectations of $240.03 million. During the same period in the previous year, the company earned $0.10 EPS. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. As a group, analysts expect that HighPeak Energy, Inc. will post 0.15 EPS for the current year.

Hedge Funds Weigh In On HighPeak Energy

A number of large investors have recently modified their holdings of HPK. Vise Technologies Inc. acquired a new position in shares of HighPeak Energy during the third quarter worth about $101,000. Counterpoint Mutual Funds LLC acquired a new position in shares of HighPeak Energy during the third quarter worth $709,000. State of Alaska Department of Revenue boosted its stake in shares of HighPeak Energy by 18.7% in the third quarter. State of Alaska Department of Revenue now owns 25,660 shares of the company’s stock valued at $208,000 after purchasing an additional 4,036 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in HighPeak Energy during the 2nd quarter valued at $73,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in HighPeak Energy during the 2nd quarter worth $45,000. 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 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.