HighPeak Energy (NASDAQ:HPK) Trading Up 7.6% on Earnings Beat

HighPeak Energy, Inc. (NASDAQ:HPK)’s stock price traded up 7.6% 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 were traded during mid-day 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 EPS for the quarter, topping the consensus estimate of $0.23 by $0.12. HighPeak Energy had a return on equity of 15.99% and a net margin of 14.05%. The business had revenue of $271.60 million for the quarter, compared to analysts’ expectations of $270.18 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. The company’s revenue was down 21.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

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

Insider Activity at HighPeak Energy

In related news, CEO Jack Hightower acquired 36,078 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $15.25 per share, for a total transaction of $550,189.50. Following the completion of the purchase, the chief executive officer now directly owns 4,859,255 shares of the company’s stock, valued at $74,103,638.75. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders purchased 203,821 shares of company stock worth $3,154,206 in the last 90 days. Corporate insiders own 77.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Solstein Capital LLC raised its holdings in HighPeak Energy by 33.3% during the 2nd quarter. Solstein Capital LLC now owns 8,000 shares of the company’s stock worth $112,000 after buying an additional 2,000 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in shares of HighPeak Energy in the 1st quarter valued at approximately $44,000. Blue Trust Inc. acquired a new position in HighPeak Energy in the 2nd quarter worth approximately $40,000. Dimensional Fund Advisors LP grew its position in HighPeak Energy by 7.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 51,758 shares of the company’s stock worth $728,000 after purchasing an additional 3,497 shares in the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of HighPeak Energy in the second quarter valued at $86,000. Institutional investors and hedge funds own 24.13% of the company’s stock.

HighPeak Energy Price Performance

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

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.