HighPeak Energy (NASDAQ:HPK) Shares Down 5.4% – Here’s What Happened

HighPeak Energy, Inc. (NASDAQ:HPK) fell 5.4% during mid-day trading on Wednesday . The company traded as low as $6.06 and last traded at $6.1390. 190,801 shares traded hands during trading, a decline of 51% from the average session volume of 391,693 shares. The stock had previously closed at $6.49.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on HPK shares. Roth Capital began coverage on HighPeak Energy in a research report on Monday, October 13th. They set a “buy” rating and a $12.00 price objective for the company. Weiss Ratings restated a “sell (d+)” rating on shares of HighPeak Energy in a report on Wednesday, November 26th. Finally, Wall Street Zen cut HighPeak Energy from a “hold” rating to a “sell” rating in a research note on Sunday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $11.67.

HighPeak Energy Price Performance

The company has a current ratio of 1.65, a quick ratio of 1.58 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $724.65 million, a price-to-earnings ratio of 16.03 and a beta of 1.06. The company’s 50 day moving average is $6.52 and its 200 day moving average is $8.15.

HighPeak Energy (NASDAQ:HPK) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.23). The firm had revenue of $188.86 million for the quarter, compared to analyst estimates of $224.48 million. HighPeak Energy had a return on equity of 4.23% and a net margin of 6.03%.The company’s quarterly revenue was down 30.5% on a year-over-year basis. During the same period last year, the firm earned $0.35 EPS. Research analysts anticipate that HighPeak Energy, Inc. will post 0.78 EPS for the current fiscal year.

HighPeak Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Monday, December 1st will be paid a dividend of $0.04 per share. The ex-dividend date is Monday, December 1st. This represents a $0.16 annualized dividend and a dividend yield of 2.8%. HighPeak Energy’s dividend payout ratio is 44.44%.

Institutional Trading of HighPeak Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Verition Fund Management LLC grew its stake in shares of HighPeak Energy by 59.2% in the 3rd quarter. Verition Fund Management LLC now owns 46,079 shares of the company’s stock valued at $326,000 after purchasing an additional 17,134 shares during the last quarter. Brevan Howard Capital Management LP acquired a new stake in shares of HighPeak Energy during the third quarter worth $79,000. Bank of America Corp DE grew its position in HighPeak Energy by 831.1% in the 3rd quarter. Bank of America Corp DE now owns 108,047 shares of the company’s stock valued at $764,000 after buying an additional 96,443 shares during the last quarter. Alliancebernstein L.P. increased its stake in HighPeak Energy by 8.1% in the 3rd quarter. Alliancebernstein L.P. now owns 46,540 shares of the company’s stock valued at $329,000 after buying an additional 3,500 shares during the period. Finally, Zacks Investment Management purchased a new position in HighPeak Energy during the 3rd quarter worth $117,000. 24.13% of the stock is owned by hedge funds and other institutional investors.

About HighPeak Energy

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.