HighPeak Energy, Inc. (HPK - Free Report) shares ended the last trading session 6.2% higher at $20.03. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.6% gain over the past four weeks.
HighPeak Energy stock rose for the second straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to around $90 a barrel has pushed drilling activity higher and contributed to the strength in HighPeak Energy, whose productive capacity is based in West Texas’ Midland Basin. Besides, an improving demand landscape prompted Seaport Global Securities to raise the price target on the company.
This company is expected to post quarterly earnings of $0.39 per share in its upcoming report, which represents a year-over-year change of +880%. Revenues are expected to be $85.06 million, up 635.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For HighPeak Energy, Inc., the consensus EPS estimate for the quarter has been revised 5.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. 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 #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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HighPeak Energy, Inc. (HPK - Free Report) shares ended the last trading session 6.2% higher at $20.03. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.6% gain over the past four weeks.
HighPeak Energy stock rose for the second straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to around $90 a barrel has pushed drilling activity higher and contributed to the strength in HighPeak Energy, whose productive capacity is based in West Texas’ Midland Basin. Besides, an improving demand landscape prompted Seaport Global Securities to raise the price target on the company.
This company is expected to post quarterly earnings of $0.39 per share in its upcoming report, which represents a year-over-year change of +880%. Revenues are expected to be $85.06 million, up 635.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For HighPeak Energy, Inc., the consensus EPS estimate for the quarter has been revised 5.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. 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 #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
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