Imperial Petroleum (NASDAQ:IMPP) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Imperial Petroleum (NASDAQ:IMPP) from a strong-buy rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

IMPP has been the topic of several other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Imperial Petroleum in a research report on Wednesday, August 5th. Maxim Group set a $9.00 price objective on Imperial Petroleum and gave the stock a “buy” rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Imperial Petroleum Price Performance

Shares of NASDAQ:IMPP opened at $5.29 on Friday. The stock has a market capitalization of $241.33 million, a PE ratio of 3.39 and a beta of 1.27. The firm’s 50 day moving average price is $4.88 and its 200-day moving average price is $4.77. Imperial Petroleum has a twelve month low of $3.15 and a twelve month high of $6.57.

Institutional Investors Weigh In On Imperial Petroleum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Anson Funds Management LP bought a new stake in Imperial Petroleum during the 4th quarter worth approximately $15,782,000. Empery Asset Management LP bought a new position in shares of Imperial Petroleum in the fourth quarter worth approximately $11,522,000. PEAK6 LLC increased its stake in shares of Imperial Petroleum by 1,554.6% in the fourth quarter. PEAK6 LLC now owns 573,278 shares of the company’s stock worth $2,075,000 after purchasing an additional 538,631 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Imperial Petroleum by 134.3% in the first quarter. Renaissance Technologies LLC now owns 549,140 shares of the company’s stock worth $2,350,000 after purchasing an additional 314,796 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of Imperial Petroleum by 139.2% during the 1st quarter. Empowered Funds LLC now owns 329,250 shares of the company’s stock valued at $1,409,000 after purchasing an additional 191,580 shares during the period. 94.44% of the stock is owned by hedge funds and other 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.