Maxim Group Reiterates Hold Rating for Imperial Petroleum (NASDAQ:IMPP)

Imperial Petroleum (NASDAQ:IMPP)‘s stock had its “hold” rating reissued by equities research analysts at Maxim Group in a research report issued to clients and investors on Friday,Benzinga reports.

A number of other research firms have also recently commented on IMPP. Weiss Ratings reiterated a “hold (c+)” rating on shares of Imperial Petroleum in a research note on Wednesday, December 24th. Wall Street Zen cut shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Imperial Petroleum currently has a consensus rating of “Hold” and an average target price of $6.00.

Imperial Petroleum Price Performance

Imperial Petroleum stock traded down $0.08 during midday trading on Friday, reaching $4.59. The company’s stock had a trading volume of 565,915 shares, compared to its average volume of 788,436. The stock has a market capitalization of $166.07 million, a P/E ratio of 3.55 and a beta of 1.25. The stock’s 50-day simple moving average is $3.85 and its 200-day simple moving average is $4.38. Imperial Petroleum has a 52-week low of $2.12 and a 52-week high of $6.57.

Imperial Petroleum (NASDAQ:IMPP) last issued its quarterly earnings results on Thursday, December 11th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.21. Imperial Petroleum had a return on equity of 13.20% and a net margin of 31.04%.The business had revenue of $41.20 million for the quarter, compared to analyst estimates of $41.20 million.

Imperial Petroleum declared that its board has authorized a share repurchase plan on Monday, February 9th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the company to buy up to 8.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Imperial Petroleum

A number of institutional investors have recently modified their holdings of IMPP. Allegheny Financial Group increased its holdings 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 valued at $400,000 after purchasing an additional 5,114 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new stake in Imperial Petroleum during the fourth quarter worth about $25,000. Renaissance Technologies LLC boosted its holdings in 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 period. GK Wealth Management LLC acquired a new stake in Imperial Petroleum in the fourth quarter valued at approximately $46,000. Finally, Empirical Finance LLC purchased a new stake in shares of Imperial Petroleum during the 2nd quarter worth $47,000. 94.44% of the stock is currently owned by institutional investors and hedge funds.

Imperial Petroleum Company 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.