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HighPeak Energy Inc HPK shares are volatile in extended trading Monday after the company reported mixed fourth-quarter financial results.
What Happened: HighPeak said fourth-quarter sales volumes climbed 42% in the fourth-quarter resulting in $257.92 million in revenue. The company’s top-line results came in above average analyst estimates of $253.49 million.
HighPeak reported quarterly earnings of 53 cents per share, which missed estimates of 87 cents per share.
“I am proud to report HighPeak posted strong year-end 2022 results that were in line with our expectations and further substantiate our long-term strategic plan,” said Jack Hightower, chairman and CEO of HighPeak.
“With our industry-leading margins, we are on course to reach the inflection point of free cash flow generation during the second half of 2023,” Hightower added.
HighPeak said it expects to average four to five drilling rigs and two to three frac crews during 2023 under its current development plan.
HighPeak will host a conference call to discuss these results on Tuesday at 11 a.m. ET.
See Also: Why Nutanix Stock Is Falling After Hours
HPK Price Action: HighPeak has a 52-week high of $38.21 and a 52-week low of $17.31.
The stock was up 0.32% after hours at $28.35 at time of publication, according to Benzinga Pro.
Photo: John R Perry from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.