Imperial Petroleum (NASDAQ:IMPP) Shares Up 2.8% – Here’s Why

Imperial Petroleum Inc. (NASDAQ:IMPP) shares traded up 2.8% during mid-day trading on Thursday . The stock traded as high as $4.93 and last traded at $4.76. Approximately 276,089 shares traded hands during trading, a decline of 19% from the average daily volume of 342,111 shares. The stock had previously closed at $4.63.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on IMPP shares. Weiss Ratings cut Imperial Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Maxim Group set a $9.00 price objective on shares of Imperial Petroleum and gave the company a “buy” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen raised shares of Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Imperial Petroleum Stock Performance

The stock has a 50 day simple moving average of $5.03 and a 200-day simple moving average of $4.37. The firm has a market cap of $172.41 million, a P/E ratio of 3.05 and a beta of 1.26.

Institutional Investors Weigh In On Imperial Petroleum

A number of hedge funds have recently bought and sold shares of IMPP. Mcguire Capital Advisors Inc. purchased a new position in shares of Imperial Petroleum in the 4th quarter worth $25,000. Investment Management Associates Inc. ADV purchased a new stake in shares of Imperial Petroleum during the 1st quarter valued at about $51,000. GK Wealth Management LLC purchased a new stake in shares of Imperial Petroleum during the 4th quarter valued at about $46,000. Cetera Investment Advisers bought a new position in shares of Imperial Petroleum in the 1st quarter valued at about $55,000. Finally, Sei Investments Co. bought a new position in shares of Imperial Petroleum in the 1st quarter valued at about $63,000. Hedge funds and other institutional investors 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.