Imperial Petroleum (NASDAQ:IMPP) Stock Price Up 2.8% – Should You Buy?

Shares of Imperial Petroleum Inc. (NASDAQ:IMPP) were up 2.8% during trading on Thursday . The company traded as high as $4.93 and last traded at $4.76. 276,089 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 342,111 shares. The stock had previously closed at $4.63.

Analyst Upgrades and Downgrades

IMPP has been the subject of several research reports. Maxim Group set a $9.00 price objective on shares of Imperial Petroleum and gave the stock a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings cut shares of Imperial Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Finally, Wall Street Zen raised shares of Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Imperial Petroleum currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Imperial Petroleum Trading Up 2.8%

The company has a market cap of $172.41 million, a PE ratio of 3.05 and a beta of 1.26. The stock has a 50 day moving average price of $5.02 and a 200 day moving average price of $4.37.

Hedge Funds Weigh In On Imperial Petroleum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mcguire Capital Advisors Inc. bought a new stake in shares of Imperial Petroleum during the 4th quarter valued at $25,000. GK Wealth Management LLC bought a new position in shares of Imperial Petroleum in the 4th quarter worth about $46,000. Investment Management Associates Inc. ADV bought a new position in shares of Imperial Petroleum in the 1st quarter worth about $51,000. Cetera Investment Advisers purchased a new position in Imperial Petroleum during the 1st quarter valued at about $55,000. Finally, Sei Investments Co. purchased a new position in Imperial Petroleum during the 1st quarter valued at about $63,000. 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.