HighPeak Energy (NASDAQ:HPK) Shares Down 4% – Here’s What Happened

Shares of HighPeak Energy, Inc. (NASDAQ:HPK) fell 4% during mid-day trading on Wednesday . The company traded as low as $7.84 and last traded at $7.7960. 330,158 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 984,101 shares. The stock had previously closed at $8.12.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HPK. Zacks Research lowered HighPeak Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, April 24th. Wall Street Zen upgraded HighPeak Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.00.

HighPeak Energy Price Performance

The firm has a market cap of $987.50 million, a PE ratio of -6.57 and a beta of 0.34. The stock has a 50 day simple moving average of $6.47 and a 200-day simple moving average of $5.62. The company has a current ratio of 0.67, a quick ratio of 0.66 and a debt-to-equity ratio of 0.75.

HighPeak Energy (NASDAQ:HPK) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). The firm had revenue of $215.89 million during the quarter, compared to analyst estimates of $210.14 million. HighPeak Energy had a negative return on equity of 0.73% and a negative net margin of 18.78%.The business’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 earnings per share. Equities analysts anticipate that HighPeak Energy, Inc. will post -0.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HPK. Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of HighPeak Energy during the fourth quarter valued at about $2,257,000. Renaissance Technologies LLC purchased a new position in shares of HighPeak Energy during the fourth quarter valued at about $576,000. Hussman Strategic Advisors Inc. purchased a new position in shares of HighPeak Energy during the third quarter valued at about $742,000. Bank of America Corp DE grew its position in shares of HighPeak Energy by 831.1% during the third quarter. Bank of America Corp DE now owns 108,047 shares of the company’s stock valued at $764,000 after purchasing an additional 96,443 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of HighPeak Energy by 3.7% during the third quarter. Vanguard Group Inc. now owns 2,666,153 shares of the company’s stock valued at $18,850,000 after purchasing an additional 94,834 shares in the last quarter. Hedge funds and other institutional investors own 24.13% of the company’s stock.

About HighPeak Energy

HighPeak Energy, Inc (NASDAQ: HPK) is a Delaware‐incorporated independent oil and natural gas exploration and production company. The firm focuses on the acquisition, development and exploitation of onshore petroleum assets in the continental United States. Its operations encompass the full upstream value chain, including exploration, drilling, completion and production activities aimed at maximizing hydrocarbon recovery and operational efficiency.

The company’s primary business activities include identifying and acquiring conventional and unconventional oil and gas properties, applying advanced drilling and completion technologies, and managing midstream logistics to optimize product flow.