Renaissance Technologies LLC Acquires 314,796 Shares of Imperial Petroleum Inc. $IMPP

Renaissance Technologies LLC raised its holdings in Imperial Petroleum Inc. (NASDAQ:IMPP) by 134.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 549,140 shares of the company’s stock after acquiring an additional 314,796 shares during the period. Renaissance Technologies LLC’s holdings in Imperial Petroleum were worth $2,350,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of IMPP. Sei Investments Co. acquired a new stake in shares of Imperial Petroleum during the first quarter worth about $63,000. State of Wyoming acquired a new position in shares of Imperial Petroleum in the 1st quarter valued at approximately $70,000. Cetera Investment Advisers bought a new stake in Imperial Petroleum during the 1st quarter worth approximately $55,000. Investment Management Associates Inc. ADV bought a new stake in Imperial Petroleum during the 1st quarter worth approximately $51,000. Finally, R Squared Ltd acquired a new stake in Imperial Petroleum during the 1st quarter worth approximately $77,000. 94.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on IMPP shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Imperial Petroleum in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 2nd. Finally, 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. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Imperial Petroleum has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Imperial Petroleum Stock Up 0.9%

Shares of IMPP opened at $4.65 on Tuesday. The stock has a market capitalization of $168.42 million, a P/E ratio of 2.98 and a beta of 1.25. Imperial Petroleum Inc. has a twelve month low of $2.90 and a twelve month high of $6.57. The company has a 50 day moving average of $4.88 and a 200-day moving average of $4.55.

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.