Imperial Petroleum (NASDAQ:IMPP) Trading Up 4% – Time to Buy?

Imperial Petroleum Inc. (NASDAQ:IMPP) traded up 4% during trading on Tuesday . The company traded as high as $5.51 and last traded at $5.46. 465,988 shares traded hands during mid-day trading, an increase of 26% from the average session volume of 369,105 shares. The stock had previously closed at $5.25.

Wall Street Analysts Forecast Growth

IMPP has been the subject of a number of analyst reports. Maxim Group set a $9.00 price target on Imperial Petroleum and gave the company a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Imperial Petroleum in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Imperial Petroleum Price Performance

The stock has a market cap of $249.09 million, a P/E ratio of 3.50 and a beta of 1.26. The business’s fifty day moving average price is $4.85 and its 200 day moving average price is $4.72.

Hedge Funds Weigh In On Imperial Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMPP. Empowered Funds LLC boosted its position in Imperial Petroleum by 139.2% in the first quarter. Empowered Funds LLC now owns 329,250 shares of the company’s stock valued at $1,409,000 after buying an additional 191,580 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Imperial Petroleum by 134.3% during the first quarter. Renaissance Technologies LLC now owns 549,140 shares of the company’s stock worth $2,350,000 after buying an additional 314,796 shares in the last quarter. Sei Investments Co. acquired a new position in shares of Imperial Petroleum during the first quarter worth $63,000. State of Wyoming bought a new position in shares of Imperial Petroleum in the 1st quarter valued at $70,000. Finally, Cetera Investment Advisers bought a new position in shares of Imperial Petroleum in the 1st quarter valued at $55,000. 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.