Imperial Petroleum (NASDAQ:IMPP) Releases Earnings Results, Beats Expectations By $0.23 EPS

Imperial Petroleum (NASDAQ:IMPP) issued its earnings results on Friday. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.23, Zacks reports. Imperial Petroleum had a net margin of 31.04% and a return on equity of 13.20%.

Imperial Petroleum Stock Performance

Shares of NASDAQ IMPP traded up $0.21 during midday trading on Friday, reaching $5.34. 306,542 shares of the stock were exchanged, compared to its average volume of 678,667. The stock has a market capitalization of $193.44 million, a P/E ratio of 4.16 and a beta of 1.26. The company has a 50 day simple moving average of $4.62 and a 200 day simple moving average of $4.43. Imperial Petroleum has a twelve month low of $2.52 and a twelve month high of $6.57.

Imperial Petroleum announced that its board has authorized a stock repurchase plan on Monday, February 9th that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the company to reacquire up to 8.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

IMPP has been the subject of several research reports. Maxim Group cut shares of Imperial Petroleum from a “buy” rating to a “hold” rating in a research note on Friday, March 13th. 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. Finally, Weiss Ratings lowered Imperial Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Two Sigma Investments LP purchased a new stake in Imperial Petroleum in the third quarter valued at $90,000. Mercer Global Advisors Inc. ADV lifted its stake in shares of Imperial Petroleum by 14.3% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 160,000 shares of the company’s stock valued at $765,000 after purchasing an additional 20,000 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Imperial Petroleum during the 4th quarter worth $498,000. Renaissance Technologies LLC grew its holdings in shares of Imperial Petroleum by 4.8% during the 4th quarter. Renaissance Technologies LLC now owns 234,344 shares of the company’s stock worth $848,000 after purchasing an additional 10,648 shares during the period. Finally, Nipun Capital L.P. acquired a new stake in shares of Imperial Petroleum during the 4th quarter worth about $110,000. 94.44% of the stock is currently owned by hedge funds and other institutional investors.

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.