HighPeak Energy price target lowered to $13 from $15 at Truist

Truist lowered the firm’s price target on HighPeak Energy (HPK) to $13 from $15 and keeps a Hold rating on the shares. The company continues to demonstrate relatively steady operations that has led to largely stable production, the analyst tells investors in a research note. HighPeak is also calling for minimally sequentially higher capital spend that should result in mostly flat y/y production, with the management having done a solid job in recent quarters of building inventory and accompanying infrastructure to ensure ample upcoming drilling opportunities, though the price target cut is in sympathy with the small cap group that now trades at a lower average multiple. Truist adds.