Wall Street Zen Downgrades Imperial Petroleum (NASDAQ:IMPP) to Buy

Imperial Petroleum (NASDAQ:IMPP) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other research analysts also recently weighed in on IMPP. Maxim Group set a $9.00 target price on shares of Imperial Petroleum and gave the stock a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Imperial Petroleum in a report on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Imperial Petroleum Price Performance

Shares of NASDAQ IMPP opened at $5.29 on Friday. The firm has a fifty day moving average price of $4.87 and a 200-day moving average price of $4.76. The stock has a market cap of $241.33 million, a PE ratio of 3.39 and a beta of 1.27. Imperial Petroleum has a 1 year low of $3.15 and a 1 year high of $6.57.

Hedge Funds Weigh In On Imperial Petroleum

Institutional investors have recently bought and sold shares of the stock. Two Sigma Investments LP purchased a new position in Imperial Petroleum during the third quarter valued at $90,000. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Imperial Petroleum by 14.3% during 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. Kestra Private Wealth Services LLC bought a new position in shares of Imperial Petroleum during the 4th quarter valued at about $83,000. Independent Advisor Alliance purchased a new position in shares of Imperial Petroleum during the fourth quarter valued at about $95,000. Finally, Empery Asset Management LP purchased a new position in shares of Imperial Petroleum during the fourth quarter valued at about $11,522,000. 94.44% of the stock is 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.