Why These Energy Stocks are Losing This Week

6. HighPeak Energy, Inc. (NASDAQ:HPK)

Share Price Decline Between Apr. 1 and Apr. 8: 36.21%

HighPeak Energy, Inc. (NASDAQ:HPK) is an independent oil and natural gas company engaged in the acquisition, development, and production of oil, natural gas, and NGL reserves.

HighPeak Energy, Inc. (NASDAQ:HPK) closed at a 52-week low of $8.19 this week after Bank of America initiated its coverage with an Underperform rating and a price target of $10, based on the bank’s cautious view of the overall oil industry. Although HPK’s operations on the edge of the Midland Basin are cost-efficient with low drilling costs, they are also less productive compared to core Midland Basin areas, making the company more vulnerable to the decline in oil prices.