Imperial Petroleum (NASDAQ:IMPP) Shares Up 7% on 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) shares rose 7% 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 were traded 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

A number of hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp purchased a new stake in Imperial Petroleum in the fourth quarter valued at approximately $35,000. Empirical Finance LLC acquired a new stake in shares of Imperial Petroleum in the 2nd quarter worth approximately $47,000. Squarepoint Ops LLC acquired a new position in Imperial Petroleum during the fourth quarter worth about $147,000. Bank of America Corp DE raised its stake in Imperial Petroleum by 36.2% in the 4th quarter. Bank of America Corp DE now owns 55,785 shares of the company's stock valued at $168,000 after purchasing an additional 14,822 shares during the last quarter. Finally, Towerview LLC lifted its holdings in Imperial Petroleum by 15.3% in the 1st quarter. Towerview LLC now owns 415,000 shares of the company's stock valued at $1,017,000 after purchasing an additional 55,000 shares in the last quarter. Institutional investors and hedge funds own 94.44% of the company's stock.

Imperial Petroleum Price Performance

The stock has a market cap of $137.68 million, a price-to-earnings ratio of 3.92 and a beta of 1.14. The stock's 50-day moving average is $3.20 and its 200-day moving average is $2.86.

Imperial Petroleum (NASDAQ:IMPP - Get Free Report) last issued its quarterly earnings data on Friday, September 5th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.33. The company had revenue of $36.35 million for the quarter, compared to analysts' expectations of $29.72 million. Imperial Petroleum had a return on equity of 13.80% and a net margin of 29.79%.During the same quarter in the previous year, the firm posted $0.73 earnings per share.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.