HighPeak Energy (NASDAQ:HPK) Shares Up 7.6% After Strong Earnings

HighPeak Energy, Inc. (NASDAQ:HPK) traded up 7.6% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $14.27 and last traded at $14.05. 216,790 shares traded hands during trading, a decline of 34% from the average session volume of 327,335 shares. The stock had previously closed at $13.06.

The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.12. The firm had revenue of $271.60 million for the quarter, compared to analyst estimates of $270.18 million. HighPeak Energy had a return on equity of 15.99% and a net margin of 14.05%. The company’s quarterly revenue was down 21.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 earnings per share.

Analyst Upgrades and Downgrades

Separately, Truist Financial reduced their price objective on shares of HighPeak Energy from $14.00 to $12.00 and set a “hold” rating for the company in a report on Monday, September 30th.

Insider Activity

In related news, CEO Jack Hightower acquired 100,000 shares of the company’s stock in a transaction on Friday, September 20th. The stock was purchased at an average cost of $15.54 per share, for a total transaction of $1,554,000.00. Following the completion of the purchase, the chief executive officer now directly owns 4,959,255 shares of the company’s stock, valued at $77,066,822.70. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders have purchased 203,821 shares of company stock worth $3,154,206. Company insiders own 77.50% of the company’s stock.

Institutional Trading of HighPeak Energy

Several hedge funds have recently modified their holdings of HPK. Sanders Morris Harris LLC bought a new stake in HighPeak Energy during the 3rd quarter worth about $4,506,000. Denali Advisors LLC boosted its position in HighPeak Energy by 80.2% in the 2nd quarter. Denali Advisors LLC now owns 319,800 shares of the company’s stock valued at $4,496,000 after buying an additional 142,300 shares during the last quarter. Interval Partners LP bought a new stake in shares of HighPeak Energy during the second quarter worth approximately $1,684,000. American Century Companies Inc. grew its holdings in HighPeak Energy by 26.8% during the 2nd quarter. American Century Companies Inc. now owns 520,698 shares of the company’s stock worth $7,321,000 after acquiring an additional 110,099 shares during the period. Finally, Empowered Funds LLC raised its position in shares of HighPeak Energy by 49.6% during the 1st quarter. Empowered Funds LLC now owns 153,164 shares of the company’s stock valued at $2,415,000 after acquiring an additional 50,812 shares during the last quarter. Institutional investors and hedge funds own 24.13% of the company’s stock.

HighPeak Energy Stock Performance

The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 11.83 and a beta of 0.69. The stock has a 50 day moving average price of $14.47 and a two-hundred day moving average price of $14.80.

HighPeak Energy Company Profile

HighPeak Energy, Inc, an independent oil and natural gas company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids reserves in the Permian Basin in West Texas and Eastern New Mexico. The company was incorporated in 2019 and is headquartered in Fort Worth, Texas.