Empowered Funds LLC Raises Position in Imperial Petroleum Inc. $IMPP

Empowered Funds LLC lifted its position in Imperial Petroleum Inc. (NASDAQ:IMPP) by 139.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 329,250 shares of the company’s stock after buying an additional 191,580 shares during the period. Empowered Funds LLC owned about 0.91% of Imperial Petroleum worth $1,409,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Mcguire Capital Advisors Inc. purchased a new position in Imperial Petroleum in the 4th quarter worth approximately $25,000. Investment Management Associates Inc. ADV purchased a new stake in Imperial Petroleum during the 1st quarter valued at $51,000. Cetera Investment Advisers bought a new stake in shares of Imperial Petroleum in the 1st quarter worth $55,000. Sei Investments Co. bought a new stake in shares of Imperial Petroleum in the 1st quarter worth $63,000. Finally, State of Wyoming purchased a new position in shares of Imperial Petroleum in the first quarter worth $70,000. Hedge funds and other institutional investors own 94.44% of the company’s stock.

Analysts Set New Price Targets

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

Imperial Petroleum Stock Performance

Shares of NASDAQ:IMPP opened at $4.61 on Friday. The stock’s 50-day simple moving average is $4.89 and its two-hundred day simple moving average is $4.54. The stock has a market capitalization of $166.97 million, a price-to-earnings ratio of 2.96 and a beta of 1.25. Imperial Petroleum Inc. has a 52-week low of $2.90 and a 52-week high of $6.57.

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.