Empowered Funds LLC Buys 191,580 Shares of Imperial Petroleum Inc. $IMPP

Empowered Funds LLC boosted its stake in shares of Imperial Petroleum Inc. (NASDAQ:IMPP) by 139.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 329,250 shares of the company’s stock after purchasing an additional 191,580 shares during the period. Empowered Funds LLC’s holdings in Imperial Petroleum were worth $1,409,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of IMPP. Anson Funds Management LP bought a new position in shares of Imperial Petroleum in the fourth quarter worth about $15,782,000. Empery Asset Management LP purchased a new stake in Imperial Petroleum in the 4th quarter worth approximately $11,522,000. PEAK6 LLC increased its holdings in Imperial Petroleum by 1,554.6% in the 4th quarter. PEAK6 LLC now owns 573,278 shares of the company’s stock worth $2,075,000 after acquiring an additional 538,631 shares in the last quarter. Renaissance Technologies LLC raised its stake in Imperial Petroleum by 134.3% during the 1st quarter. Renaissance Technologies LLC now owns 549,140 shares of the company’s stock worth $2,350,000 after acquiring an additional 314,796 shares during the period. Finally, Susquehanna Portfolio Strategies LLC bought a new stake in Imperial Petroleum during the 4th quarter worth approximately $916,000. Institutional investors own 94.44% of the company’s stock.

Imperial Petroleum Trading Down 0.9%

Shares of IMPP opened at $4.61 on Friday. The business’s 50 day moving average is $4.89 and its 200 day moving average is $4.54. Imperial Petroleum Inc. has a 12-month low of $2.90 and a 12-month high of $6.57. The company has a market capitalization of $166.97 million, a PE ratio of 2.96 and a beta of 1.25.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on IMPP shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Imperial Petroleum in a research report on Wednesday. Wall Street Zen upgraded shares of Imperial Petroleum from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 2nd. Finally, Maxim Group set a $9.00 target price on shares of Imperial Petroleum and gave the company a “buy” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

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.