Imperial Petroleum (NASDAQ:IMPP) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Imperial Petroleum (NASDAQ:IMPP) from a buy rating to a hold rating in a report released on Saturday.

IMPP has been the subject of a number of other reports. Maxim Group lowered shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, March 13th. Weiss Ratings restated a “hold (c)” rating on shares of Imperial Petroleum in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $6.00.

Imperial Petroleum Stock Performance

Shares of NASDAQ:IMPP opened at $4.22 on Friday. Imperial Petroleum has a fifty-two week low of $2.44 and a fifty-two week high of $6.57. The business has a 50-day simple moving average of $4.28 and a two-hundred day simple moving average of $4.44. The firm has a market cap of $152.85 million, a price-to-earnings ratio of 3.27 and a beta of 1.21.

Imperial Petroleum declared that its Board of Directors has initiated a stock repurchase program on Monday, February 9th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 8.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Imperial Petroleum

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mcguire Capital Advisors Inc. bought a new position in shares of Imperial Petroleum in the 4th quarter worth approximately $25,000. GK Wealth Management LLC bought a new stake in Imperial Petroleum during the fourth quarter valued at approximately $46,000. Kestra Private Wealth Services LLC purchased a new stake in Imperial Petroleum during the fourth quarter valued at approximately $83,000. Revisor Wealth Management LLC purchased a new stake in Imperial Petroleum during the fourth quarter valued at approximately $84,000. Finally, Two Sigma Investments LP bought a new position in Imperial Petroleum in the third quarter worth approximately $90,000. Hedge funds and other institutional investors own 94.44% of the company’s stock.

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.