Imperial Petroleum (NASDAQ:IMPP) Trading Down 2.9% – Here’s Why

Imperial Petroleum Inc. (NASDAQ:IMPP)’s stock price fell 2.9% on Tuesday . The company traded as low as $4.26 and last traded at $4.29. 530,640 shares were traded during mid-day trading, a decline of 39% from the average session volume of 869,452 shares. The stock had previously closed at $4.42.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IMPP. Maxim Group lowered shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Imperial Petroleum in a research note on Wednesday, December 24th. Finally, Wall Street Zen raised shares of Imperial Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, March 14th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Imperial Petroleum currently has an average rating of “Hold” and a consensus target price of $6.00.

Imperial Petroleum Stock Performance

The business’s 50 day moving average price is $4.13 and its two-hundred day moving average price is $4.47. The company has a market capitalization of $155.38 million, a price-to-earnings ratio of 3.33 and a beta of 1.21.

Imperial Petroleum announced that its Board of Directors has authorized a share repurchase program on Monday, February 9th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Imperial Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allegheny Financial Group lifted its stake in Imperial Petroleum by 6.5% during the third quarter. Allegheny Financial Group now owns 83,653 shares of the company’s stock valued at $400,000 after purchasing an additional 5,114 shares during the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in Imperial Petroleum during the fourth quarter valued at approximately $25,000. Renaissance Technologies LLC lifted its stake in Imperial Petroleum by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 234,344 shares of the company’s stock valued at $848,000 after purchasing an additional 10,648 shares during the last quarter. GK Wealth Management LLC acquired a new stake in Imperial Petroleum during the fourth quarter valued at approximately $46,000. Finally, Two Sigma Investments LP acquired a new stake in Imperial Petroleum during the third quarter valued at approximately $90,000. 94.44% of the stock is currently owned by 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.