Imperial Petroleum (NASDAQ:IMPP) Trading Down 2.9% - Here's Why

Key Points

• Imperial Petroleum shares fell 2.9% to $4.29 on Tuesday (intra-day low $4.26) with 530,640 shares traded, about 39% below average volume.
• The board authorized a $10.0 million share repurchase plan (about 8.3% of shares outstanding), a move that typically signals management believes the stock is undervalued.
• Analysts show a mixed view but a consensus Hold rating with a $6.00 target; recent notes include Maxim cutting buy→hold, Wall Street Zen upgrading hold→buy, and Weiss reaffirming hold (c+).

Imperial Petroleum Inc. (NASDAQ:IMPP - Get Free Report) traded down 2.9% during trading on Tuesday . The stock 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Maxim Group lowered shares of Imperial Petroleum from a "buy" rating to a "hold" rating in a report on Friday, March 13th. Wall Street Zen raised shares of Imperial Petroleum from a "hold" rating to a "buy" rating in a report on Saturday, March 14th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Imperial Petroleum in a report on Wednesday, December 24th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $6.00.

Imperial Petroleum Stock Performance

The business's 50 day simple moving average is $4.13 and its 200-day simple moving average is $4.47. The stock has a market capitalization of $155.38 million, a price-to-earnings ratio of 3.33 and a beta of 1.21.

Imperial Petroleum declared that its board has initiated a share repurchase plan on Monday, February 9th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to purchase up to 8.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new position in Imperial Petroleum during the 3rd quarter valued at about $755,000. Susquehanna Portfolio Strategies LLC acquired a new position in Imperial Petroleum during the 4th quarter valued at about $916,000. Mercer Global Advisors Inc. ADV boosted its stake in Imperial Petroleum by 14.3% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 160,000 shares of the company's stock valued at $765,000 after purchasing an additional 20,000 shares during the period. Squarepoint Ops LLC acquired a new position in Imperial Petroleum during the 4th quarter valued at about $717,000. Finally, Nipun Capital L.P. acquired a new position in Imperial Petroleum during the 4th quarter valued at about $110,000. 94.44% of the stock is owned by institutional investors and hedge funds.

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.

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