Imperial Petroleum (NASDAQ:IMPP) Stock Price Up 4% – Should You Buy?

Imperial Petroleum Inc. (NASDAQ:IMPP)’s stock price traded up 4% during trading on Tuesday . The stock traded as high as $5.51 and last traded at $5.46. Approximately 465,988 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 369,105 shares. The stock had previously closed at $5.25.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on IMPP shares. Maxim Group set a $9.00 price target on shares of Imperial Petroleum and gave the company a “buy” rating in a research report on Tuesday, May 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Imperial Petroleum in a research note on Wednesday, August 5th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Imperial Petroleum Stock Performance

The stock has a market capitalization of $240.42 million, a P/E ratio of 3.38 and a beta of 1.26. The firm has a fifty day moving average price of $4.85 and a two-hundred day moving average price of $4.73.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC raised its holdings in Imperial Petroleum by 134.3% in the 1st quarter. Renaissance Technologies LLC now owns 549,140 shares of the company’s stock worth $2,350,000 after purchasing an additional 314,796 shares during the period. Empery Asset Management LP bought a new stake in Imperial Petroleum during the fourth quarter valued at about $11,522,000. Empowered Funds LLC increased its position in Imperial Petroleum by 139.2% in the first quarter. Empowered Funds LLC now owns 329,250 shares of the company’s stock worth $1,409,000 after buying an additional 191,580 shares in the last quarter. Independent Advisor Alliance bought a new position in shares of Imperial Petroleum in the fourth quarter worth about $95,000. Finally, Kestra Private Wealth Services LLC bought a new position in shares of Imperial Petroleum in the fourth quarter worth about $83,000. 94.44% of the stock is currently owned by institutional investors.

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.