Imperial Petroleum (NASDAQ:IMPP) Shares Up 7% After Analyst Upgrade

Key Points

• Imperial Petroleum's shares increased by 7% following an upgrade from Maxim Group, which raised their price target from $5.50 to $6.00, maintaining a buy rating on the stock.
• Institutional investors hold 94.44% of Imperial Petroleum's stock, indicating strong backing from hedge funds, with notable acquisitions occurring recently.
• In its latest earnings report, Imperial Petroleum significantly exceeded expectations with a reported EPS of $0.37 against estimates of $0.04 and a revenue of $36.35 million compared to the forecast of $29.72 million.

Imperial Petroleum Inc. (NASDAQ:IMPP - Get Free Report)'s share price was up 7% during trading on Wednesday after Maxim Group raised their price target on the stock from $5.50 to $6.00. Maxim Group currently has a buy rating on the stock. Imperial Petroleum traded as high as $4.00 and last traded at $4.00. Approximately 1,471,817 shares traded hands during trading, an increase of 668% from the average daily volume of 191,739 shares. The stock had previously closed at $3.74.

Institutional Investors Weigh In On Imperial Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Towerview LLC increased its stake in Imperial Petroleum by 1.8% during the second quarter. Towerview LLC now owns 422,281 shares of the company's stock worth $1,301,000 after acquiring an additional 7,281 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in Imperial Petroleum during the fourth quarter worth $35,000. Bank of America Corp DE increased its stake in Imperial Petroleum by 36.2% during the fourth quarter. Bank of America Corp DE now owns 55,785 shares of the company's stock worth $168,000 after acquiring an additional 14,822 shares during the last quarter. Empirical Finance LLC acquired a new stake in Imperial Petroleum during the second quarter worth $47,000. Finally, Deuterium Capital Management LLC increased its stake in Imperial Petroleum by 3.1% during the second quarter. Deuterium Capital Management LLC now owns 1,601,812 shares of the company's stock worth $4,934,000 after acquiring an additional 48,362 shares during the last quarter. Institutional investors and hedge funds own 94.44% of the company's stock.

Imperial Petroleum Price Performance

The firm has a 50 day simple moving average of $3.25 and a 200-day simple moving average of $2.89. The company has a market cap of $161.43 million, a price-to-earnings ratio of 4.60 and a beta of 1.14.

Imperial Petroleum (NASDAQ:IMPP - Get Free Report) last issued its quarterly earnings data 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 return on equity of 13.80% and a net margin of 29.79%.The business had revenue of $36.35 million during the quarter, compared to analysts' expectations of $29.72 million. During the same period in the previous year, the firm posted $0.73 earnings per share.

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.