Imperial Petroleum (NASDAQ:IMPP) Stock Price Up 7% Following Analyst Upgrade

Imperial Petroleum Inc. (NASDAQ:IMPP) shares were up 7% during mid-day trading on Wednesday after Maxim Group raised their price target on the stock from $5.50 to $6.00. Maxim Group currently has a buy rating on the stock. Imperial Petroleum traded as high as $4.00 and last traded at $4.00. Approximately 1,471,817 shares were traded during trading, an increase of 668% from the average daily volume of 191,739 shares. The stock had previously closed at $3.74.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Deuterium Capital Management LLC raised its position in shares of Imperial Petroleum by 3.1% in the 2nd quarter. Deuterium Capital Management LLC now owns 1,601,812 shares of the company’s stock worth $4,934,000 after acquiring an additional 48,362 shares in the last quarter. Wexford Capital LP raised its position in shares of Imperial Petroleum by 91.7% in the 4th quarter. Wexford Capital LP now owns 598,473 shares of the company’s stock worth $1,801,000 after acquiring an additional 286,272 shares in the last quarter. Towerview LLC raised its position in shares of Imperial Petroleum by 1.8% in the 2nd quarter. Towerview LLC now owns 422,281 shares of the company’s stock worth $1,301,000 after acquiring an additional 7,281 shares in the last quarter. Bank of America Corp DE raised its position in shares of Imperial Petroleum by 36.2% in the 4th quarter. Bank of America Corp DE now owns 55,785 shares of the company’s stock worth $168,000 after acquiring an additional 14,822 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Imperial Petroleum in the 4th quarter worth $147,000. 94.44% of the stock is owned by institutional investors.

Imperial Petroleum Trading Up 2.0%

The company has a 50-day moving average price of $3.22 and a 200 day moving average price of $2.87. The stock has a market capitalization of $140.43 million, a P/E ratio of 4.00 and a beta of 1.14.

Imperial Petroleum (NASDAQ:IMPP) last announced its earnings results on Friday, September 5th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.33. Imperial Petroleum had a return on equity of 13.80% and a net margin of 29.79%.The firm had revenue of $36.35 million for the quarter, compared to the consensus estimate of $29.72 million. During the same period in the previous year, the business earned $0.73 EPS.

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.