Stock Traders Buy Large Volume of Imperial Petroleum Call Options (NASDAQ:IMPP)

Key Points

• Traders bought 15,790 call options on Imperial Petroleum, an 806% jump versus the stock's average daily call volume, indicating unusually large bullish options activity.
• Several analysts downgraded the stock from buy to Hold, leaving a consensus rating of Hold and a consensus target price of $6.00.
• The board authorized a $10.00 million share buyback program to repurchase up to 8.3% of outstanding shares, signaling management believes the stock may be undervalued.

Imperial Petroleum Inc. (NASDAQ:IMPP - Get Free Report) was the target of unusually large options trading on Wednesday. Stock traders acquired 15,790 call options on the stock. This represents an increase of 806% compared to the average daily volume of 1,743 call options.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Imperial Petroleum from a "buy" rating to a "hold" rating in a report on Saturday, April 18th. Maxim Group downgraded shares of Imperial Petroleum from a "buy" rating to a "hold" rating in a report on Friday, March 13th. Finally, Weiss Ratings raised Imperial Petroleum from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $6.00.

Hedge Funds Weigh In On Imperial Petroleum

A number of large investors have recently bought and sold shares of the business. Mcguire Capital Advisors Inc. acquired a new stake in Imperial Petroleum in the fourth quarter valued at approximately $25,000. GK Wealth Management LLC acquired a new position in shares of Imperial Petroleum during the 4th quarter worth approximately $46,000. R Squared Ltd acquired a new position in shares of Imperial Petroleum during the 1st quarter worth approximately $77,000. Two Sigma Investments LP purchased a new position in shares of Imperial Petroleum during the 3rd quarter valued at approximately $90,000. Finally, Kestra Private Wealth Services LLC purchased a new position in shares of Imperial Petroleum during the 4th quarter valued at approximately $83,000. Institutional investors and hedge funds own 94.44% of the company's stock.

Imperial Petroleum Price Performance

IMPP traded up $0.18 during trading on Wednesday, reaching $4.99. 647,491 shares of the company's stock were exchanged, compared to its average volume of 702,794. The company's fifty day simple moving average is $4.38 and its 200-day simple moving average is $4.43. The stock has a market capitalization of $180.56 million, a P/E ratio of 3.87 and a beta of 1.21. Imperial Petroleum has a 1 year low of $2.45 and a 1 year high of $6.57.

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

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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.