Share Repurchase Plan Initiated by Imperial Petroleum (NASDAQ:IMPP) Board of Directors
Imperial Petroleum (NASDAQ:IMPP) has initiated a share repurchase program, with plans to buy back $10 million in shares, representing up to 8.3% of its stock. This move typically indicates that the company's management believes its shares are undervalued. The stock currently holds a consensus rating of "Moderate Buy" with a target price of $6.00. Recently, shares traded up 10.5% to $3.68, with a market cap of $133.29 million and a P/E ratio of 3.54. The company reported earnings of $0.31 per share, exceeding estimates.
Imperial Petroleum (NASDAQ:IMPP - Get Free Report) announced that its Board of Directors has initiated a share repurchase program on Monday, February 9th, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.
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A number of equities research analysts have weighed in on the company. Wall Street Zen cut shares of Imperial Petroleum from a "buy" rating to a "hold" rating in a report on Saturday, December 6th. Weiss Ratings reissued a "hold (c+)" rating on shares of Imperial Petroleum in a report on Wednesday, December 24th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.00.
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Imperial Petroleum Trading Up 10.5%
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Shares of NASDAQ IMPP traded up $0.35 during midday trading on Monday, reaching $3.68. The company had a trading volume of 2,040,276 shares, compared to its average volume of 648,949. Imperial Petroleum has a 1 year low of $2.12 and a 1 year high of $6.57. The business's 50-day simple moving average is $3.82 and its 200 day simple moving average is $4.23. The stock has a market cap of $133.29 million, a P/E ratio of 3.54 and a beta of 1.29.
Imperial Petroleum (NASDAQ:IMPP - Get Free Report) last posted its quarterly earnings results on Thursday, December 11th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.21. The company had revenue of $41.20 million during the quarter, compared to analyst estimates of $41.20 million. Imperial Petroleum had a net margin of 28.61% and a return on equity of 13.60%.
Imperial Petroleum Company Profile
Get Free Report)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.
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