Imperial Petroleum (NASDAQ:IMPP) Posts Quarterly Earnings Results

Imperial Petroleum (NASDAQ:IMPP) released its quarterly earnings data on Friday. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.23, Zacks reports. Imperial Petroleum had a net margin of 31.04% and a return on equity of 13.20%.

Imperial Petroleum Price Performance

Imperial Petroleum stock traded up $0.21 during mid-day trading on Friday, reaching $5.34. 278,490 shares of the company traded hands, compared to its average volume of 677,177. The company has a market capitalization of $193.44 million, a price-to-earnings ratio of 4.13 and a beta of 1.26. The firm’s fifty day moving average is $4.62 and its two-hundred day moving average is $4.43. Imperial Petroleum has a fifty-two week low of $2.52 and a fifty-two week high of $6.57.

Analyst Upgrades and Downgrades

IMPP has been the subject of a number of analyst reports. Weiss Ratings lowered Imperial Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Maxim Group lowered Imperial Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, March 13th. Finally, Wall Street Zen upgraded Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.00.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Two Sigma Investments LP acquired a new stake in shares of Imperial Petroleum during the third quarter worth about $90,000. Mercer Global Advisors Inc. ADV grew its position in Imperial Petroleum by 14.3% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 160,000 shares of the company’s stock worth $765,000 after purchasing an additional 20,000 shares during the period. Empowered Funds LLC purchased a new position in shares of Imperial Petroleum during the 4th quarter valued at about $498,000. Renaissance Technologies LLC boosted its stake in shares of Imperial Petroleum by 4.8% in the fourth quarter. Renaissance Technologies LLC now owns 234,344 shares of the company’s stock worth $848,000 after buying an additional 10,648 shares during the last quarter. Finally, Nipun Capital L.P. acquired a new stake in Imperial Petroleum during the fourth quarter worth about $110,000. 94.44% of the stock is owned by institutional investors and hedge funds.

About Imperial Petroleum

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.