Imperial Petroleum (NASDAQ:IMPP) Shares Up 4% – Time to Buy?

Shares of Imperial Petroleum Inc. (NASDAQ:IMPP) rose 4% during trading on Tuesday . The company traded as high as $5.51 and last traded at $5.46. 465,988 shares traded hands during trading, an increase of 26% from the average daily volume of 369,105 shares. The stock had previously closed at $5.25.

Analysts Set New Price Targets

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

Imperial Petroleum Trading Up 4.0%

The firm’s 50 day simple moving average is $4.85 and its two-hundred day simple moving average is $4.72. The firm has a market cap of $249.09 million, a price-to-earnings ratio of 3.50 and a beta of 1.26.

Institutional Investors Weigh In On Imperial Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mcguire Capital Advisors Inc. bought a new stake in shares of Imperial Petroleum in the fourth quarter valued at approximately $25,000. Renaissance Technologies LLC increased its stake in Imperial Petroleum by 4.8% during the 4th quarter. Renaissance Technologies LLC now owns 234,344 shares of the company’s stock worth $848,000 after acquiring an additional 10,648 shares during the period. Investment Management Associates Inc. ADV bought a new position in Imperial Petroleum during the 1st quarter worth $51,000. Cetera Investment Advisers bought a new position in Imperial Petroleum during the 1st quarter worth $55,000. Finally, Sei Investments Co. acquired a new position in Imperial Petroleum in the 1st quarter valued at $63,000. 94.44% of the stock is currently 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.