Stock Repurchase Plan Initiated by Imperial Petroleum (NASDAQ:IMPP) Board

Imperial Petroleum (NASDAQ:IMPP) declared that its board has approved a share repurchase program on Monday, February 9th, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization allows the company to buy up to 8.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Imperial Petroleum Stock Up 10.5%

NASDAQ IMPP opened at $3.68 on Tuesday. The company has a market cap of $133.29 million, a price-to-earnings ratio of 3.54 and a beta of 1.29. Imperial Petroleum has a twelve month low of $2.12 and a twelve month high of $6.57. The business’s fifty day moving average is $3.82 and its 200 day moving average is $4.23.

Imperial Petroleum (NASDAQ:IMPP) last posted its earnings results on Thursday, December 11th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.21. Imperial Petroleum had a net margin of 28.61% and a return on equity of 13.60%. The firm had revenue of $41.20 million for the quarter, compared to analyst estimates of $41.20 million.

Wall Street Analysts Forecast Growth

IMPP has been the topic of a number of recent analyst reports. Wall Street Zen cut Imperial Petroleum from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Imperial Petroleum in a report on Wednesday, December 24th. One 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, Imperial Petroleum presently has an average rating of “Moderate Buy” and an average price target of $6.00.

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.