HPK - HighPeak Energy - Winning But Under Followed

• HighPeak reported strong 4Q21 results.
• Management reiterated guidance and the Street estimates remain too low for 2022 on oil prices well below the current strip.
• We expect Street estimates for 2022 to rise in the wake of the quarter and to be issued for 2023 at a significantly higher mark.
• The name is oily, has very little debt, and is growing massively this year which is good timing given their current oil price back drop.
• It offers significant upside on what should be a reasonable multiple of current year cash flow at much lower than current oil strip prices.

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