Imperial Petroleum (NASDAQ:IMPP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Imperial Petroleum (NASDAQ:IMPP) from a buy rating to a strong-buy rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

A number of other analysts have also weighed in on the company. Maxim Group set a $9.00 target price on Imperial Petroleum and gave the stock a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings restated a “hold (c)” rating on shares of Imperial Petroleum in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Imperial Petroleum Stock Performance

NASDAQ IMPP opened at $5.76 on Friday. Imperial Petroleum has a fifty-two week low of $3.15 and a fifty-two week high of $6.57. The company has a market cap of $262.77 million, a P/E ratio of 3.02 and a beta of 1.27. The business’s 50 day moving average price is $4.99 and its 200-day moving average price is $4.84.

Imperial Petroleum (NASDAQ:IMPP) last issued its quarterly earnings results on Thursday, September 10th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. The firm had revenue of $87.07 million for the quarter, compared to the consensus estimate of $72.07 million. Imperial Petroleum had a return on equity of 16.92% and a net margin of 36.76%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IMPP. Empery Asset Management LP acquired a new stake in Imperial Petroleum during the 4th quarter worth $11,522,000. Renaissance Technologies LLC lifted its stake in shares of Imperial Petroleum by 134.3% in the first quarter. Renaissance Technologies LLC now owns 549,140 shares of the company’s stock worth $2,350,000 after buying an additional 314,796 shares in the last quarter. Empowered Funds LLC boosted its position in Imperial Petroleum by 139.2% during the first quarter. Empowered Funds LLC now owns 329,250 shares of the company’s stock worth $1,409,000 after acquiring an additional 191,580 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in Imperial Petroleum during the 2nd quarter valued at about $1,319,000. Finally, Allegheny Financial Group increased its holdings in shares of Imperial Petroleum by 65.4% in the first quarter. Allegheny Financial Group now owns 96,040 shares of the company’s stock valued at $411,000 after purchasing an additional 37,988 shares during the last quarter. 94.44% of the stock is owned by institutional investors and hedge funds.

About Imperial Petroleum

Imperial Petroleum Inc (NASDAQ: IMPP) is a maritime transportation company engaged in the ownership and operation of tanker vessels. The company transports crude oil, refined petroleum products and other liquid cargoes for customers in international seaborne trade.

Based in Greece, Imperial Petroleum serves global shipping markets through a fleet that has included crude oil tankers and product tankers of various sizes. Its vessels may operate on spot or time-charter arrangements, depending on market conditions and commercial opportunities.

Imperial Petroleum was established in 2021 and became a publicly traded company on the Nasdaq Capital Market in 2022.