HighPeak Energy (NASDAQ:HPK) Stock Price Down 4.8% – Here’s Why

HighPeak Energy, Inc. (NASDAQ:HPK)’s stock price dropped 4.8% during mid-day trading on Wednesday . The stock traded as low as $8.22 and last traded at $8.2280. Approximately 56,302 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 788,152 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on HPK shares. Zacks Research upgraded HighPeak Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. Wall Street Zen raised HighPeak Energy from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of HighPeak Energy in a research note on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.00.

HighPeak Energy Price 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 stock has a 50-day moving average price of $7.66 and a 200 day moving average price of $7.05. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -10.34 and a beta of 0.39.

HighPeak Energy (NASDAQ:HPK) last released its quarterly earnings results on Monday, August 10th. The company reported $0.59 earnings per share 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 during the quarter, compared to analysts’ expectations of $240.03 million. During the same quarter in the prior year, the firm posted $0.10 EPS. HighPeak Energy’s quarterly revenue was up 25.8% compared to the same quarter last year. As a group, equities research analysts expect that HighPeak Energy, Inc. will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On HighPeak Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its stake in HighPeak Energy by 135.3% in the second quarter. Allworth Financial LP now owns 5,226 shares of the company’s stock valued at $37,000 after acquiring an additional 3,005 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in HighPeak Energy in the fourth quarter valued at $29,000. Integrated Wealth Concepts LLC purchased a new stake in shares of HighPeak Energy in the second quarter valued at about $45,000. Kestra Advisory Services LLC acquired a new stake in shares of HighPeak Energy during the first quarter worth about $70,000. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of HighPeak Energy during the second quarter worth about $73,000. 24.13% of the stock is owned by hedge funds and other institutional investors.

About HighPeak Energy

HighPeak Energy, Inc is an independent oil and natural gas exploration and production company focused on developing oil-rich properties in the Midland Basin of the Permian Basin in West Texas. Its operations are concentrated in Howard, Borden, and adjacent counties, where it owns and operates acreage prospective for crude oil, natural gas, and natural gas liquids.

The company’s activities include acquiring mineral and leasehold interests, drilling and completing horizontal wells, producing hydrocarbons, and managing related gathering and infrastructure operations.