Imperial Petroleum, Inc (IMPP:NASDAQ) operates and conducts business in the shipping industry through its own fleet of ships. It has a fleet of tankers that transport refined petroleum products such as gasoline, diesel, fuel oil, and aviation fuel, as well as edible oils and chemicals, and also owns Aframax tankers that are used to transport crude oil. The company offers international ocean freight services to oil producers, refiners and commodity traders. Imperial Petroleum, Inc. was founded on May 14, 2021 and is headquartered in Athens, Greece. Thus, Imperial represents a decent small-cap business opportunity that exceeds its strong short-squeeze potential.
Imperial Petroleum’s (IMPP:NASDAQ) earnings press release detailing its latest quarter and full fiscal year 2023 shows its strength in both respects. Although the fourth quarter showed mediocre performance, year-over-year financial results for 2023 showed revenue growth of nearly 90% and net income growth of 141%. In addition, the company, through its substantial cash reserves, continued its $10 million share repurchase program throughout the quarter.
Imperial reported first quarter 2024 net income of $1.195 billion, down 12.45% from the previous quarter, reflecting an expected seasonal decline in production volumes. Total sales were US$1.521 billion with a 15.45% decline. During the quarter, Imperial returned $278 million to shareholders through dividend payments and declared a dividend of 60 cents per share for the second quarter of 2024. Chairman, President and CEO. Brad W. Corson said: «A reliable and growing dividend is the cornerstone of our shareholder return program, and with our successful quarter, we are now poised to deliver dividend growth in the years ahead.»
Corson also said ,,The company recently prepared regulatory documents for Pathways Alliance’s proposed carbon capture and storage project at its transportation networks. The Pathways Alliance, or Oil Sands Pathways Alliance , is an alliance of the largest oil sands producers – (Canadian Natural Resources , Cenovus Energy , Imperial Oil , MEG Energy , Suncor Energy and ConocoPhillips) – that have a goal of achieving » net zero emissions» by 2050. This collaboration with IMPERIAL PETROLEUM INC (IMPP:NASDAQ) in developing and preparing for this «net zero» goal is also being discussed with Indigenous groups, local communities, landowners and governments. Gardon also said: «The regulatory applications represent an important milestone.» «Our industry plays an important role in the energy transition and Imperial remains well positioned to continue to pursue strategic opportunities to reduce emissions, deliver economic benefits to local Indigenous communities and provide value to our shareholders.»
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These facts have attracted the attention of multinational investment corporations and private investors to buy shares of Imperial Petroleum, Inc (IMPP:NASDAQ) , a company that multinational investment corporations and financial strategists believe can be expected to grow its share price in the short to medium term investment horizon. The average target price has been set at $8 per share.