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HighPeak Energy, Inc. (HPK) Soars 5.5%: Is Further Upside Left in the Stock?

Zacks Equity Research
·2-min read

HighPeak Energy, Inc. (HPK) shares rallied 5.5% in the last trading session to close at $28.40. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 21.8% gain over the past four weeks.

HighPeak Energy stock rose for the fourth straight day, driven by optimism over oil prices spurred by the potential demand boost from the easing of coronavirus restrictions in China. The recent strength in crude prices (at above $80 a barrel) and robust demand for energy is set to push drilling activity higher and contributed to the strength in HighPeak Energy, whose productive capacity is based in West Texas’ Midland Basin. The recent announcement that it was evaluating potential strategic alternatives, including a sale of the company, is also having a positive effect on the company.

This company is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of +126.3%. Revenues are expected to be $257.98 million, up 161.5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For HighPeak Energy, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HPK going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

HighPeak Energy, Inc. belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Permian Resources (PR), closed the last trading session 2.2% lower at $10.47. Over the past month, PR has returned 14.2%.

For Permian Resources , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.54. This represents a change of +38.5% from what the company reported a year ago. Permian Resources currently has a Zacks Rank of #3 (Hold).

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HighPeak Energy, Inc. (HPK) : Free Stock Analysis Report

Permian Resources Corporation (PR) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research