Imperial Petroleum's (IMPP) Hold Rating Reaffirmed at Maxim Group

Key Points

• Maxim Group reaffirmed a Hold rating on Imperial Petroleum (IMPP), and the stock carries a consensus Hold with an average analyst target price of $6.00.
• Imperial reported strong quarterly results, beating EPS estimates with $0.31 vs. $0.10 consensus, $41.2M in revenue, a 31.04% net margin and a 13.2% return on equity.
• The board approved a $10.00 million share buyback (up to ~8.3% of outstanding shares) while institutional investors have recently built large positions, with hedge funds and institutions owning about 94.44% of the stock.

Imperial Petroleum (NASDAQ:IMPP - Get Free Report)'s stock had its "hold" rating restated by analysts at Maxim Group in a report issued on Friday,Benzinga reports.

Several other brokerages have also issued reports on IMPP. Wall Street Zen downgraded shares of Imperial Petroleum from a "buy" rating to a "hold" rating in a research report on Saturday, December 6th. Weiss Ratings reissued a "hold (c+)" rating on shares of Imperial Petroleum in a report on Wednesday, December 24th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $6.00.

Imperial Petroleum Stock Down 1.6%

IMPP traded down $0.08 during midday trading on Friday, hitting $4.59. 565,915 shares of the company were exchanged, compared to its average volume of 788,436. The firm has a market capitalization of $166.07 million, a P/E ratio of 3.55 and a beta of 1.25. The firm's 50 day moving average price is $3.85 and its 200-day moving average price is $4.38. Imperial Petroleum has a 1-year low of $2.12 and a 1-year high of $6.57.

Imperial Petroleum (NASDAQ:IMPP - Get Free Report) last announced its earnings results on Thursday, December 11th. The company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.21. The business had revenue of $41.20 million during the quarter, compared to the consensus estimate of $41.20 million. Imperial Petroleum had a net margin of 31.04% and a return on equity of 13.20%.

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

Institutional Investors Weigh In On Imperial Petroleum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Anson Funds Management LP bought a new position in Imperial Petroleum during the fourth quarter valued at approximately $15,782,000. Empery Asset Management LP bought a new position in shares of Imperial Petroleum in the 4th quarter worth approximately $11,522,000. PEAK6 LLC boosted its stake in shares of Imperial Petroleum by 1,554.6% during the 4th quarter. PEAK6 LLC now owns 573,278 shares of the company's stock worth $2,075,000 after acquiring an additional 538,631 shares during the last quarter. Susquehanna Portfolio Strategies LLC purchased a new stake in Imperial Petroleum in the fourth quarter worth about $916,000. Finally, Squarepoint Ops LLC bought a new stake in Imperial Petroleum during the 4th quarter worth approximately $717,000. 94.44% of the stock is owned by hedge funds and other 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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