Zacks Investment Research Lowers HighPeak Energy (NASDAQ:HPK) to Sell

Zacks Investment Research lowered shares of HighPeak Energy (NASDAQ:HPK) from a strong-buy rating to a sell rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “HighPeak Energy Inc. is an oil and natural gas company. It is engaged in the acquisition, development and production of oil, natural gas and NGL reserves. The company’s assets are primarily located in Howard County, Texas. HighPeak Energy Inc., formerly known as Pure Acquisition Corp., is based in FORT WORTH, Texas. “

Separately, Roth Capital started coverage on HighPeak Energy in a report on Tuesday, November 9th. They set a buy rating on the stock.

Shares of HPK opened at $18.67 on Tuesday. The company has a market capitalization of $1.78 billion, a P/E ratio of 133.36 and a beta of 0.99. HighPeak Energy has a one year low of $6.00 and a one year high of $21.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.50 and a current ratio of 0.55. The stock has a 50-day moving average price of $14.99 and a 200 day moving average price of $12.08.

HighPeak Energy (NASDAQ:HPK) last issued its quarterly earnings results on Monday, November 8th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.06). The business had revenue of $47.47 million during the quarter, compared to analysts’ expectations of $48.90 million. HighPeak Energy had a net margin of 10.24% and a return on equity of 4.56%. As a group, equities research analysts forecast that HighPeak Energy will post 0.73 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 25th. Stockholders of record on Tuesday, February 1st will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Monday, January 31st. HighPeak Energy’s dividend payout ratio (DPR) is presently 71.43%.

In other news, President Michael L. Hollis purchased 45,454 shares of the stock in a transaction dated Wednesday, October 20th. The shares were bought at an average cost of $10.00 per share, for a total transaction of $454,540.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Michael L. Hollis purchased 2,200 shares of the stock in a transaction dated Thursday, December 2nd. The shares were purchased at an average price of $13.17 per share, for a total transaction of $28,974.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 50,455 shares of company stock worth $520,627. 89.56% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of HighPeak Energy by 1.1% in the third quarter. Geode Capital Management LLC now owns 91,100 shares of the company’s stock worth $819,000 after buying an additional 976 shares during the period. Bank of America Corp DE boosted its position in shares of HighPeak Energy by 44.7% in the second quarter. Bank of America Corp DE now owns 5,098 shares of the company’s stock worth $52,000 after buying an additional 1,576 shares during the period. Bank of New York Mellon Corp boosted its position in shares of HighPeak Energy by 15.1% in the third quarter. Bank of New York Mellon Corp now owns 12,046 shares of the company’s stock worth $109,000 after buying an additional 1,576 shares during the period. Deutsche Bank AG acquired a new stake in shares of HighPeak Energy in the second quarter worth $30,000. Finally, California State Teachers Retirement System acquired a new stake in shares of HighPeak Energy in the second quarter worth $70,000. 6.90% of the stock is owned by institutional investors and hedge funds.

About HighPeak Energy

Pure Acquisition Corp. engages in the provision of merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination. It focuses on energy industry with an emphasis on opportunities in the upstream oil and gas industry in North America. The company was founded on November 13, 2017 and is headquartered in Fort Worth, TX.

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