3,182,951 Shares in Imperial Petroleum Inc. $IMPP Acquired by Empery Asset Management LP

Empery Asset Management LP acquired a new position in Imperial Petroleum Inc. (NASDAQ:IMPP) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,182,951 shares of the company’s stock, valued at approximately $11,522,000. Imperial Petroleum accounts for about 10.2% of Empery Asset Management LP’s portfolio, making the stock its 4th biggest position. Empery Asset Management LP owned about 0.09% of Imperial Petroleum at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IMPP. Allegheny Financial Group lifted its stake in shares of Imperial Petroleum by 6.5% in the third quarter. Allegheny Financial Group now owns 83,653 shares of the company’s stock worth $400,000 after acquiring an additional 5,114 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Imperial Petroleum in the third quarter worth approximately $755,000. Two Sigma Investments LP acquired a new position in shares of Imperial Petroleum in the third quarter worth approximately $90,000. Mercer Global Advisors Inc. ADV lifted its stake in shares of Imperial Petroleum by 14.3% in the third quarter. Mercer Global Advisors Inc. ADV now owns 160,000 shares of the company’s stock worth $765,000 after acquiring an additional 20,000 shares during the period. Finally, GK Wealth Management LLC acquired a new position in shares of Imperial Petroleum in the fourth quarter worth approximately $46,000. 94.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Maxim Group set a $9.00 price objective on Imperial Petroleum and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 2nd. Finally, Weiss Ratings downgraded Imperial Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Imperial Petroleum Stock Performance

Shares of IMPP stock opened at $5.28 on Thursday. The company has a market cap of $191.24 million, a P/E ratio of 3.38 and a beta of 1.24. The stock has a 50 day simple moving average of $4.83 and a two-hundred day simple moving average of $4.37. Imperial Petroleum Inc. has a fifty-two week low of $2.90 and a fifty-two week high of $6.57.

Imperial Petroleum 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.