Imperial Petroleum (NASDAQ:IMPP) Posts Quarterly Earnings Results, Beats Estimates By $0.23 EPS

Imperial Petroleum (NASDAQ:IMPP – Get Free Report) announced its quarterly earnings results on Friday. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.23, Zacks reports. Imperial Petroleum had a net margin of 31.04% and a return on equity of 13.20%.

Imperial Petroleum Price Performance

NASDAQ IMPP traded up $0.21 during mid-day trading on Friday, hitting $5.34. The stock had a trading volume of 278,490 shares, compared to its average volume of 677,177. Imperial Petroleum has a twelve month low of $2.52 and a twelve month high of $6.57. The firm’s 50 day moving average is $4.62 and its 200 day moving average is $4.43. The stock has a market capitalization of $193.44 million, a price-to-earnings ratio of 4.13 and a beta of 1.26.

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Imperial Petroleum announced that its Board of Directors has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Imperial Petroleum

Hedge funds and other institutional investors have recently modified their holdings of the business. Anson Funds Management LP acquired a new position in Imperial Petroleum during the fourth quarter worth about $15,782,000. PEAK6 LLC boosted its holdings 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 purchasing an additional 538,631 shares during the last quarter. Susquehanna Portfolio Strategies LLC purchased a new stake in shares of Imperial Petroleum in the fourth quarter valued at approximately $916,000. Renaissance Technologies LLC increased its holdings in shares of Imperial Petroleum by 4.8% in the fourth quarter. Renaissance Technologies LLC now owns 234,344 shares of the company’s stock valued at $848,000 after purchasing an additional 10,648 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Imperial Petroleum in the fourth quarter valued at approximately $717,000. 94.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Maxim Group downgraded shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, March 13th. Weiss Ratings lowered Imperial Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Finally, Wall Street Zen raised Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 2nd. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $6.00.

Read Our Latest Stock Report on IMPP

About Imperial Petroleum

(Get Free Report)

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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