Imperial Petroleum (NASDAQ:IMPP) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• Wall Street Zen upgraded Imperial Petroleum (NASDAQ:IMPP) from a "hold" to a "strong-buy" rating in a note to investors.
• Other brokers remain cautious — the stock's MarketBeat consensus is still a Hold with a $6.00 target; IMPP opened at $4.90, was down 3.2%, and has a market cap of about $177.5M and a P/E of 3.8.
• The company authorized a $10.0 million share repurchase program (about 8.3% of shares), and institutional ownership is very high at 94.44%, with several small hedge funds recently adding positions.

Imperial Petroleum (NASDAQ:IMPP - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a note issued to investors on Saturday.

Several other brokerages have also issued reports on IMPP. Weiss Ratings upgraded shares of Imperial Petroleum from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Maxim Group downgraded shares of Imperial Petroleum from a "buy" rating to a "hold" rating in a research report on Friday, March 13th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $6.00.

Imperial Petroleum Stock Down 3.2%

NASDAQ IMPP opened at $4.90 on Friday. Imperial Petroleum has a 52 week low of $2.45 and a 52 week high of $6.57. The firm has a market capitalization of $177.48 million, a P/E ratio of 3.80 and a beta of 1.26. The company has a 50-day moving average price of $4.43 and a 200-day moving average price of $4.44.

Imperial Petroleum declared that its board has approved a stock repurchase program on Monday, February 9th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 8.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Mcguire Capital Advisors Inc. bought a new stake in Imperial Petroleum during the 4th quarter worth approximately $25,000. GK Wealth Management LLC bought a new position in shares of Imperial Petroleum in the fourth quarter worth approximately $46,000. R Squared Ltd bought a new position in shares of Imperial Petroleum in the first quarter worth approximately $77,000. Kestra Private Wealth Services LLC purchased a new stake in shares of Imperial Petroleum in the fourth quarter worth $83,000. Finally, Revisor Wealth Management LLC purchased a new stake in shares of Imperial Petroleum in the fourth quarter worth $84,000. 94.44% of the stock is currently 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. 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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