HighPeak Energy (NASDAQ:HPK) Stock Price Up 7.6% Following Earnings Beat

HighPeak Energy, Inc. (NASDAQ:HPK)’s stock price rose 7.6% on Tuesday following a better than expected earnings announcement. The stock traded as high as $14.27 and last traded at $14.05. Approximately 216,790 shares were traded during mid-day trading, a decline of 34% from the average daily 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 analysts’ consensus estimates of $0.23 by $0.12. HighPeak Energy had a net margin of 15.94% and a return on equity of 14.94%. The firm had revenue of $271.60 million during the quarter, compared to analyst estimates of $270.18 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. HighPeak Energy’s quarterly revenue was down 21.4% on a year-over-year basis.

HighPeak Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date is Monday, December 2nd. HighPeak Energy’s dividend payout ratio (DPR) is 12.60%.

Analyst Ratings Changes

Separately, Truist Financial dropped 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 Buying and Selling at HighPeak Energy

In related news, CEO Jack Hightower acquired 17,743 shares of the stock in a transaction dated Thursday, August 29th. The stock was acquired at an average cost of $15.50 per share, with a total value of $275,016.50. Following the completion of the transaction, the chief executive officer now owns 4,805,350 shares in the company, valued at $74,482,925. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have purchased 203,821 shares of company stock valued at $3,154,206 in the last quarter. Corporate insiders own 77.50% of the company’s stock.

Hedge Funds Weigh In On HighPeak Energy

Large investors have recently bought and sold shares of the company. Empowered Funds LLC raised its stake 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 worth $2,415,000 after buying an additional 50,812 shares during the last quarter. Denali Advisors LLC boosted its holdings in HighPeak Energy by 80.2% in the second quarter. Denali Advisors LLC now owns 319,800 shares of the company’s stock valued at $4,496,000 after acquiring an additional 142,300 shares during the last quarter. American Century Companies Inc. raised its holdings in HighPeak Energy by 26.8% in the second quarter. American Century Companies Inc. now owns 520,698 shares of the company’s stock valued at $7,321,000 after buying an additional 110,099 shares during the period. Interval Partners LP purchased a new stake in HighPeak Energy during the 2nd quarter worth $1,684,000. Finally, Sanders Morris Harris LLC acquired a new stake in shares of HighPeak Energy in the third quarter valued at about $4,506,000. Hedge funds and other institutional investors own 24.13% of the company’s stock.

HighPeak Energy Price Performance

The company has a market cap of $1.82 billion, a PE ratio of 11.20 and a beta of 0.69. The business’s 50 day moving average price is $14.45 and its 200-day moving average price is $14.79. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.62.

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.