Imperial Petroleum (NASDAQ:IMPP) to Repurchase $10.00 million in Shares

Imperial Petroleum (NASDAQ:IMPP) declared that its board has authorized a share buyback plan on Monday, February 9th, RTT News reports. The company plans to buyback $10.00 million in shares. This buyback authorization authorizes the company to buy up to 8.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Imperial Petroleum Trading Down 0.8%

NASDAQ IMPP opened at $3.65 on Wednesday. The stock has a market capitalization of $132.20 million, a price-to-earnings ratio of 3.51 and a beta of 1.29. The stock has a 50-day moving average of $3.81 and a 200 day moving average of $4.23. Imperial Petroleum has a twelve month low of $2.12 and a twelve month high of $6.57.

Imperial Petroleum (NASDAQ:IMPP) last issued its quarterly earnings data on Thursday, December 11th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.10 by $0.21. The company had revenue of $41.20 million for the quarter, compared to analyst estimates of $41.20 million. Imperial Petroleum had a return on equity of 13.60% and a net margin of 28.61%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IMPP. Weiss Ratings restated a “hold (c+)” rating on shares of Imperial Petroleum in a research note on Wednesday, December 24th. Wall Street Zen downgraded Imperial Petroleum from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.00.

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.