HighPeak Energy initiated with an Underperform at BofA

BofA initiated coverage of HighPeak Energy (HPK) with an Underperform rating and $10 price target. The firm cites its cautious view on oil as OPEC looks to add supply back to the market for its rating on the small cap oil E&P with operations on the edge of Howard County, Texas. HighPeak is the second-most sensitive name behind Vital Energy (VTLE) to changes in oil prices, says the analyst, who notes that a $1 change in the firm’s long term WTI price assumption moves its valuation by 6%.