HighPeak Energy (NASDAQ:HPK) Trading Down 14.1% on Disappointing Earnings

Shares of HighPeak Energy, Inc. (NASDAQ:HPK) were down 14.1% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $5.30 and last traded at $5.26. Approximately 391,624 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 380,166 shares. The stock had previously closed at $6.12.

The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.23). HighPeak Energy had a net margin of 12.59% and a return on equity of 7.10%. The firm had revenue of $188.86 million for the quarter, compared to analyst estimates of $224.48 million. During the same period in the previous year, the company earned $0.35 EPS. HighPeak Energy’s revenue was down 30.5% compared to the same quarter last year.

HighPeak Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Monday, December 1st will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, December 1st. HighPeak Energy’s dividend payout ratio (DPR) is presently 18.60%.

Analyst Ratings Changes

A number of research firms have weighed in on HPK. Wall Street Zen cut HighPeak Energy from a “hold” rating to a “sell” rating in a research note on Sunday, October 26th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of HighPeak Energy in a report on Friday, October 31st. Finally, Roth Capital assumed coverage on HighPeak Energy in a report on Monday, October 13th. They issued a “buy” rating and a $12.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.67.

Hedge Funds Weigh In On HighPeak Energy

A number of hedge funds have recently bought and sold shares of HPK. State of Alaska Department of Revenue acquired a new position in HighPeak Energy in the third quarter worth about $31,000. Raymond James Financial Inc. bought a new stake in HighPeak Energy during the second quarter worth approximately $49,000. Strs Ohio acquired a new position in HighPeak Energy in the first quarter worth approximately $60,000. Arrowstreet Capital Limited Partnership acquired a new position in HighPeak Energy in the second quarter worth approximately $109,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in HighPeak Energy during the 1st quarter worth approximately $134,000. 24.13% of the stock is currently owned by institutional investors and hedge funds.

HighPeak Energy Stock Performance

The firm’s 50-day simple moving average is $7.03 and its two-hundred day simple moving average is $8.58. The company has a current ratio of 0.87, a quick ratio of 0.82 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $680.47 million, a PE ratio of 6.24 and a beta of 1.09.

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.