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

Wall Street Zen upgraded shares of Imperial Petroleum (NASDAQ:IMPP) from a hold rating to a buy rating in a report issued on Saturday morning.

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

Imperial Petroleum Stock Up 1.1%

NASDAQ IMPP opened at $4.67 on Friday. The company has a market cap of $169.15 million, a price-to-earnings ratio of 3.62 and a beta of 1.25. Imperial Petroleum has a 52 week low of $2.12 and a 52 week high of $6.57. The business has a 50 day moving average price of $3.89 and a 200-day moving average price of $4.42.

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

Institutional Trading of Imperial Petroleum

Several institutional investors and hedge funds have recently modified their holdings of the stock. Anson Funds Management LP bought a new position in shares of Imperial Petroleum in the fourth quarter valued at approximately $15,782,000. Empery Asset Management LP purchased a new position in shares of Imperial Petroleum during the fourth quarter valued at approximately $11,522,000. PEAK6 LLC grew its holdings in Imperial Petroleum by 1,554.6% during the fourth quarter. PEAK6 LLC now owns 573,278 shares of the company’s stock worth $2,075,000 after buying an additional 538,631 shares in the last quarter. Susquehanna Portfolio Strategies LLC bought a new stake in Imperial Petroleum during the fourth quarter worth $916,000. Finally, Squarepoint Ops LLC purchased a new stake in Imperial Petroleum in the 4th quarter valued at $717,000. 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.