Imperial Petroleum (NASDAQ:IMPP) Given New $6.00 Price Target at Maxim Group

Key Points

• Maxim Group has raised its price target for Imperial Petroleum from $5.50 to $6.00, indicating a potential upside of 54.04% from the stock's previous close.
• Imperial Petroleum reported earnings of $0.37 per share for the last quarter, significantly beating the analysts' consensus estimates of $0.04.
• Currently, 94.44% of Imperial Petroleum's stock is owned by institutional investors, showing strong investment interest in the company.

Imperial Petroleum (NASDAQ:IMPP - Get Free Report) had its price objective raised by Maxim Group from $5.50 to $6.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Maxim Group's target price would indicate a potential upside of 54.04% from the stock's previous close.

Imperial Petroleum Stock Performance

Shares of NASDAQ IMPP traded up $0.16 during midday trading on Wednesday, reaching $3.90. The company's stock had a trading volume of 283,260 shares, compared to its average volume of 207,480. Imperial Petroleum has a fifty-two week low of $2.12 and a fifty-two week high of $4.55. The business's 50 day moving average price is $3.19 and its two-hundred day moving average price is $2.85. The company has a market cap of $134.07 million, a P/E ratio of 3.82 and a beta of 1.14.

Imperial Petroleum (NASDAQ:IMPP - Get Free Report) last released its quarterly earnings results on Friday, September 5th. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.33. Imperial Petroleum had a net margin of 29.79% and a return on equity of 16.91%. The company had revenue of $36.35 million during the quarter, compared to the consensus estimate of $29.72 million. During the same period in the previous year, the business earned $0.73 earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp bought a new position in Imperial Petroleum in the fourth quarter valued at approximately $35,000. Empirical Finance LLC bought a new position in Imperial Petroleum in the second quarter valued at approximately $47,000. Squarepoint Ops LLC bought a new position in Imperial Petroleum in the fourth quarter valued at approximately $147,000. Bank of America Corp DE increased its stake in Imperial Petroleum by 36.2% in the fourth quarter. Bank of America Corp DE now owns 55,785 shares of the company's stock valued at $168,000 after acquiring an additional 14,822 shares during the last quarter. Finally, Towerview LLC increased its stake in Imperial Petroleum by 15.3% in the first quarter. Towerview LLC now owns 415,000 shares of the company's stock valued at $1,017,000 after acquiring an additional 55,000 shares during the last quarter. 94.44% of the stock is 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.

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