USEA - Imperial Petroleum: New Recovery Highs Following Strong Q1 Performance - Buy

2024-05-16 21:16:04 ET

Summary

• Following several quarters of relentless dilution, Greece-based tanker and dry bulk vessel operator Imperial Petroleum reversed course last year.
• On Thursday, the company reported decent Q1/2024 results with improved fleet utilization and strong cash flow generation.
• Imperial Petroleum commands a best-in-class balance sheet with pro forma cash and short-term investments of $150 million and no debt.
• Even after the recent rally in the shares, the company continues to trade at a large discount to estimated net asset value.
• With the shares about to break out to new recovery highs above $4 and charter rates widely expected to remain strong, I am reiterating my "Buy" rating.

Note:

I have covered Imperial Petroleum Inc. ( IMPP , IMPPP ) previously, so investors should view this as an update to my earlier articles on the company. ...

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