Imperial Petroleum (NASDAQ:IMPP) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Imperial Petroleum (NASDAQ:IMPP) from a hold rating to a strong-buy rating in a report released on Saturday.

IMPP has been the subject of several other reports. Weiss Ratings raised shares of Imperial Petroleum from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Maxim Group lowered shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a report on Friday, March 13th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, Imperial Petroleum presently has a consensus rating of “Hold” and a consensus target price of $6.00.

Imperial Petroleum Price Performance

Shares of IMPP stock opened at $4.90 on Friday. The firm has a market cap of $177.48 million, a P/E ratio of 3.80 and a beta of 1.26. Imperial Petroleum has a 1-year low of $2.45 and a 1-year high of $6.57. The firm has a fifty day moving average of $4.43 and a two-hundred day moving average of $4.44.

Imperial Petroleum declared that its board has approved a stock buyback plan on Monday, February 9th that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to repurchase up to 8.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Mcguire Capital Advisors Inc. acquired a new position in shares of Imperial Petroleum in the 4th quarter valued at about $25,000. GK Wealth Management LLC acquired a new position in shares of Imperial Petroleum in the 4th quarter valued at about $46,000. R Squared Ltd acquired a new position in shares of Imperial Petroleum in the 1st quarter valued at about $77,000. Two Sigma Investments LP acquired a new position in shares of Imperial Petroleum in the 3rd quarter valued at about $90,000. Finally, Kestra Private Wealth Services LLC acquired a new position in shares of Imperial Petroleum in the 4th quarter valued at about $83,000. 94.44% of the stock is owned by institutional investors and hedge funds.

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.