Renaissance Technologies LLC Has $2.35 Million Stock Holdings in Imperial Petroleum Inc. $IMPP

Key Points

• Renaissance Technologies increased its Imperial Petroleum stake by 134.3% in the first quarter, ending with 549,140 shares valued at approximately $2.35 million, or 1.52% of the company.
• Other institutional investors also accumulated shares, and hedge funds and institutions collectively own 94.44% of IMPP.
• Analyst sentiment is moderately positive: Imperial Petroleum has a consensus “Moderate Buy” rating and an average price target of $9.00, compared with an opening price of $4.65.

Renaissance Technologies LLC raised its position in Imperial Petroleum Inc. (NASDAQ:IMPP - Free Report) by 134.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 549,140 shares of the company's stock after buying an additional 314,796 shares during the period. Renaissance Technologies LLC owned about 1.52% of Imperial Petroleum worth $2,350,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Anson Funds Management LP bought a new stake in shares of Imperial Petroleum during the fourth quarter worth $15,782,000. Empery Asset Management LP acquired a new stake in Imperial Petroleum in the fourth quarter worth about $11,522,000. PEAK6 LLC raised its holdings in Imperial Petroleum by 1,554.6% during the 4th quarter. PEAK6 LLC now owns 573,278 shares of the company's stock worth $2,075,000 after purchasing an additional 538,631 shares during the last quarter. Susquehanna Portfolio Strategies LLC bought a new stake in Imperial Petroleum during the 4th quarter worth about $916,000. Finally, Squarepoint Ops LLC acquired a new position in Imperial Petroleum during the 4th quarter valued at about $717,000. 94.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on IMPP. Wall Street Zen upgraded shares of Imperial Petroleum from a "hold" rating to a "strong-buy" rating in a research report on Saturday, May 2nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Imperial Petroleum in a research note on Wednesday, August 5th. Finally, Maxim Group set a $9.00 price objective on shares of Imperial Petroleum and gave the company 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 issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $9.00.

Imperial Petroleum Price Performance

Imperial Petroleum stock opened at $4.65 on Tuesday. The firm has a market capitalization of $168.42 million, a price-to-earnings ratio of 2.98 and a beta of 1.25. The company's 50 day simple moving average is $4.88 and its 200 day simple moving average is $4.55. Imperial Petroleum Inc. has a fifty-two week low of $2.90 and a fifty-two week high of $6.57.

Imperial Petroleum 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.

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