Maxim Group Reaffirms Hold Rating for Imperial Petroleum (NASDAQ:IMPP)

Imperial Petroleum (NASDAQ:IMPP)‘s stock had its “hold” rating reaffirmed by research analysts at Maxim Group in a note issued to investors on Friday,Benzinga reports.

A number of other research analysts have also commented on IMPP. Wall Street Zen lowered Imperial Petroleum from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Imperial Petroleum in a research report on Wednesday, December 24th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $6.00.

Imperial Petroleum Trading Down 0.9%

Shares of IMPP stock opened at $4.62 on Friday. Imperial Petroleum has a 1 year low of $2.12 and a 1 year high of $6.57. The firm’s 50 day moving average is $3.87 and its 200-day moving average is $4.40. The firm has a market capitalization of $167.34 million, a price-to-earnings 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 for the quarter, beating analysts’ consensus estimates of $0.10 by $0.21. Imperial Petroleum had a net margin of 31.04% and a return on equity of 13.20%. The business had revenue of $41.20 million during the quarter, compared to analyst estimates of $41.20 million.

Imperial Petroleum announced that its Board of Directors has approved a stock repurchase program on Monday, February 9th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to buy up to 8.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Imperial Petroleum

A number of institutional investors and hedge funds have recently modified their holdings of IMPP. Anson Funds Management LP acquired a new position in Imperial Petroleum in the fourth quarter valued at approximately $15,782,000. Empery Asset Management LP acquired a new stake in Imperial Petroleum during the 4th quarter worth $11,522,000. PEAK6 LLC grew its holdings in Imperial Petroleum by 1,554.6% during the 4th quarter. PEAK6 LLC now owns 573,278 shares of the company’s stock worth $2,075,000 after acquiring an additional 538,631 shares during the period. Susquehanna Portfolio Strategies LLC bought a new stake in shares of Imperial Petroleum during the 4th quarter valued at $916,000. Finally, Renaissance Technologies LLC raised its position in shares of Imperial Petroleum by 4.8% during the 4th quarter. Renaissance Technologies LLC now owns 234,344 shares of the company’s stock valued at $848,000 after acquiring an additional 10,648 shares during the last quarter. 94.44% of the stock is owned by 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.