Imperial Petroleum (NASDAQ:IMPP) Raised to Buy at Wall Street Zen

Imperial Petroleum (NASDAQ:IMPP) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Other research analysts also recently issued research reports about the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Imperial Petroleum in a report on Wednesday, December 24th. Maxim Group reiterated a “hold” rating on shares of Imperial Petroleum in a report on Friday. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $6.00.

Imperial Petroleum Stock Performance

NASDAQ:IMPP opened at $4.62 on Friday. The company has a market capitalization of $167.34 million, a P/E ratio of 3.58 and a beta of 1.25. The stock’s 50 day moving average price is $3.87 and its 200 day moving average price is $4.41. Imperial Petroleum has a 52 week low of $2.12 and a 52 week high of $6.57.

Imperial Petroleum (NASDAQ:IMPP) last posted its earnings results on Thursday, December 11th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.21. Imperial Petroleum had a net margin of 31.04% and a return on equity of 13.20%. The firm had revenue of $41.20 million during the quarter, compared to analysts’ expectations of $41.20 million.

Imperial Petroleum announced that its board has authorized a share repurchase program on Monday, February 9th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Imperial Petroleum

Several large investors have recently added to or reduced their stakes in the company. Allegheny Financial Group raised its holdings in Imperial Petroleum by 6.5% in the 3rd quarter. Allegheny Financial Group now owns 83,653 shares of the company’s stock valued at $400,000 after acquiring an additional 5,114 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in shares of Imperial Petroleum during the 4th quarter worth approximately $25,000. Renaissance Technologies LLC increased its position in shares of Imperial Petroleum by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 234,344 shares of the company’s stock valued at $848,000 after purchasing an additional 10,648 shares during the period. GK Wealth Management LLC bought a new stake in shares of Imperial Petroleum during the fourth quarter valued at approximately $46,000. Finally, Empirical Finance LLC acquired a new position in shares of Imperial Petroleum in the second quarter valued at $47,000. Institutional investors and hedge funds own 94.44% of the company’s stock.

Imperial Petroleum Company Profile

Imperial Petroleum Inc provides international seaborne transportation services to oil producers, refineries, and commodities traders. It carries refined petroleum products, such as gasoline, diesel, fuel oil, and jet fuel, as well as edible oils and chemicals, crude oils, iron ore, coal and grains, and minor bulks, such as bauxite, phosphate, and fertilizers. As of April 1, 2024, the company owned and operated a fleet of six medium range refined petroleum product tankers; one Aframax tanker; two suezmax tankers; and two handysize drybulk carriers with a total capacity of 791,000 deadweight tons.