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

Imperial Petroleum (NASDAQ:IMPP) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Several other equities research analysts have also commented on the stock. Maxim Group reissued 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 report on Wednesday, December 24th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.00.

Imperial Petroleum Stock Down 0.9%

NASDAQ:IMPP opened at $4.62 on Friday. Imperial Petroleum has a 52 week low of $2.12 and a 52 week high of $6.57. The stock’s 50-day moving average price is $3.87 and its 200-day moving average price is $4.39. The stock has a market capitalization of $167.34 million, a PE ratio of 3.58 and a beta of 1.25.

Imperial Petroleum (NASDAQ:IMPP) last issued its quarterly earnings results on Thursday, December 11th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.21. The company had revenue of $41.20 million for the quarter, compared to the consensus estimate of $41.20 million. Imperial Petroleum had a return on equity of 13.20% and a net margin of 31.04%.

Imperial Petroleum declared that its board has authorized a share repurchase program on Monday, February 9th that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Imperial Petroleum

A number of hedge funds have recently bought and sold shares of IMPP. Mcguire Capital Advisors Inc. acquired a new position in shares of Imperial Petroleum during the 4th quarter worth approximately $25,000. GK Wealth Management LLC acquired a new stake in shares of Imperial Petroleum in the fourth quarter valued at approximately $46,000. Empirical Finance LLC purchased a new position in Imperial Petroleum during the second quarter worth approximately $47,000. Kestra Private Wealth Services LLC purchased a new position in Imperial Petroleum during the fourth quarter worth approximately $83,000. Finally, Revisor Wealth Management LLC acquired a new position in Imperial Petroleum during the fourth quarter worth $84,000. Institutional investors and hedge funds own 94.44% of the company’s stock.

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.