Imperial Petroleum (NASDAQ:IMPP) Trading Up 2.8% – Here’s What Happened

Imperial Petroleum Inc. (NASDAQ:IMPP) shares traded up 2.8% during trading on Thursday . The stock traded as high as $4.93 and last traded at $4.76. 276,089 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 342,111 shares. The stock had previously closed at $4.63.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Weiss Ratings cut Imperial Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Maxim Group set a $9.00 price target on Imperial Petroleum and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, Wall Street Zen raised Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Imperial Petroleum Stock Performance

The firm has a market cap of $172.41 million, a PE ratio of 3.05 and a beta of 1.26. The company’s 50-day simple moving average is $5.02 and its two-hundred day simple moving average is $4.37.

Hedge Funds Weigh In On Imperial Petroleum

Several hedge funds and other institutional investors have recently modified their holdings of the company. Anson Funds Management LP bought a new stake in shares of Imperial Petroleum in the fourth quarter worth about $15,782,000. Empery Asset Management LP purchased a new stake in Imperial Petroleum in the 4th quarter worth approximately $11,522,000. PEAK6 LLC lifted its holdings in Imperial Petroleum by 1,554.6% in the 4th quarter. PEAK6 LLC now owns 573,278 shares of the company’s stock worth $2,075,000 after buying an additional 538,631 shares during the period. Renaissance Technologies LLC grew its position in shares of 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 buying an additional 314,796 shares during the last quarter. Finally, Empowered Funds LLC grew its position in shares of Imperial Petroleum by 139.2% in the 1st 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 during the last quarter. 94.44% of the stock is 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.