Imperial Petroleum (NASDAQ:IMPP) Board Declares Share Buyback Plan

Imperial Petroleum (NASDAQ:IMPP) declared that its Board of Directors has authorized a share buyback plan on Monday, February 9th, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

IMPP has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Imperial Petroleum in a report on Wednesday, December 24th. Wall Street Zen cut Imperial Petroleum from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.00.

Imperial Petroleum Stock Performance

NASDAQ IMPP opened at $3.75 on Thursday. The company’s 50-day simple moving average is $3.80 and its two-hundred day simple moving average is $4.23. Imperial Petroleum has a one year low of $2.12 and a one year high of $6.57. The company has a market capitalization of $135.83 million, a price-to-earnings ratio of 3.61 and a beta of 1.29.

Imperial Petroleum (NASDAQ:IMPP) last released its quarterly earnings results on Thursday, December 11th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.10 by $0.21. Imperial Petroleum had a net margin of 28.61% and a return on equity of 13.60%. The business had revenue of $41.20 million during the quarter, compared to analyst estimates of $41.20 million.

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.