Wall Street Zen Upgrades Imperial Petroleum (NASDAQ:IMPP) to “Strong-Buy”

Imperial Petroleum (NASDAQ:IMPP) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Sunday, Wall Street Zen reports.

A number of other research firms have also recently issued reports on IMPP. Maxim Group set a $9.00 target price on Imperial Petroleum and gave the company a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Imperial Petroleum in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Imperial Petroleum Stock Up 2.8%

Shares of NASDAQ IMPP opened at $5.95 on Friday. The company’s fifty day moving average is $4.97 and its 200-day moving average is $4.83. The stock has a market cap of $271.44 million, a price-to-earnings ratio of 3.12 and a beta of 1.27. Imperial Petroleum has a twelve month low of $3.15 and a twelve month high of $6.57.

Imperial Petroleum (NASDAQ:IMPP) last released its quarterly earnings data on Thursday, September 10th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The business had revenue of $87.07 million during the quarter, compared to analysts’ expectations of $72.07 million. Imperial Petroleum had a net margin of 36.76% and a return on equity of 17.50%.

Hedge Funds Weigh In On Imperial Petroleum

Large investors have recently added to or reduced their stakes in the company. Empery Asset Management LP acquired a new position in shares of Imperial Petroleum during the fourth quarter worth about $11,522,000. Renaissance Technologies LLC raised its position in Imperial Petroleum by 134.3% in the 1st quarter. Renaissance Technologies LLC now owns 549,140 shares of the company’s stock valued at $2,350,000 after buying an additional 314,796 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Imperial Petroleum in the 2nd quarter valued at approximately $1,319,000. Empowered Funds LLC lifted its stake in Imperial Petroleum by 139.2% in the 1st quarter. Empowered Funds LLC now owns 329,250 shares of the company’s stock valued at $1,409,000 after acquiring an additional 191,580 shares in the last quarter. Finally, NewEdge Advisors LLC acquired a new position in Imperial Petroleum during the 2nd quarter worth approximately $327,000. Institutional investors own 94.44% of the company’s stock.

About Imperial Petroleum

Imperial Petroleum Inc (NASDAQ: IMPP) is a maritime transportation company engaged in the ownership and operation of tanker vessels. The company transports crude oil, refined petroleum products and other liquid cargoes for customers in international seaborne trade.

Based in Greece, Imperial Petroleum serves global shipping markets through a fleet that has included crude oil tankers and product tankers of various sizes. Its vessels may operate on spot or time-charter arrangements, depending on market conditions and commercial opportunities.

Imperial Petroleum was established in 2021 and became a publicly traded company on the Nasdaq Capital Market in 2022.