Imperial Petroleum Target of Unusually Large Options Trading (NASDAQ:IMPP)

Imperial Petroleum Inc. (NASDAQ:IMPP) was the target of some unusual options trading activity on Wednesday. Investors acquired 15,790 call options on the stock. This is an increase of approximately 806% compared to the average volume of 1,743 call options.

Analysts Set New Price Targets

A number of research firms have recently commented on IMPP. Weiss Ratings upgraded shares of Imperial Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Wall Street Zen cut shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. Finally, Maxim Group cut shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a report on Friday, March 13th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $6.00.

Imperial Petroleum Stock Performance

Imperial Petroleum stock traded down $0.19 during midday trading on Friday, hitting $4.87. 78,968 shares of the company’s stock were exchanged, compared to its average volume of 708,244. Imperial Petroleum has a 12 month low of $2.45 and a 12 month high of $6.57. The firm has a 50-day moving average of $4.43 and a two-hundred day moving average of $4.44. The company has a market cap of $176.31 million, a PE ratio of 3.77 and a beta of 1.21.

Imperial Petroleum announced that its board has authorized a share repurchase plan on Monday, February 9th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 8.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Imperial Petroleum

Several hedge funds and other institutional investors have recently modified their holdings of the stock. R Squared Ltd purchased a new position in shares of Imperial Petroleum in the 1st quarter valued at approximately $77,000. Allegheny Financial Group raised its position in Imperial Petroleum by 65.4% during the 1st quarter. Allegheny Financial Group now owns 96,040 shares of the company’s stock worth $411,000 after buying an additional 37,988 shares during the last quarter. Virtu Financial LLC purchased a new position in Imperial Petroleum during the 4th quarter worth approximately $102,000. Mcguire Capital Advisors Inc. purchased a new position in Imperial Petroleum during the 4th quarter worth approximately $25,000. Finally, Empowered Funds LLC purchased a new position in Imperial Petroleum during the 4th quarter worth approximately $498,000. 94.44% of the stock is owned by hedge funds and other institutional investors.

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.