12 Popular Penny Stocks on Robinhood to Watch

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7. Imperial Petroleum Inc. (NASDAQ:IMPP)

No of hedge fund holders: 8

Imperial Petroleum Inc. (NASDAQ:IMPP) specializes in international seaborne transportation services for oil producers, refineries, and commodities traders.

Imperial Petroleum Inc. (NASDAQ:IMPP) has declared a dividend of $0.546875 per share on its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock. This dividend, scheduled for payment on March 31, 2025, is for the period from December 30, 2024, to March 29, 2025, with the record date set as March 26, 2025. This move signifies the company’s robust financial health and commitment to returning value to its shareholders.

Imperial Petroleum Inc. (NASDAQ:IMPP) reported a decrease in Q4 2024 revenues from $29.9 million in Q4 2023 to $26.2 million, primarily due to a fall in spot market rates. The company also saw a decline in net income from $6.5 million to $3.9 million year-over-year, largely due to a $3.3 million foreign exchange loss. Despite these setbacks, the fleet operational utilization saw a significant improvement from 68.5% in Q4 2023 to 86.0% in Q4 2024. The company’s cash position also improved, with cash and cash equivalents, including time deposits, rising by 66.7% to $206.7 million as of December 31, 2024.

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