Why Imperial Petroleum (IMPP) Shares Exploded Higher Today

Imperial Petroleum Inc IMPP shares closed higher by 23.12% to $0.21. Shares of several companies in the energy sector are trading higher amid a rise in the price of oil after Iraq halted 450,000 barrels per day in oil exports from its Kurdistan region.

Additionally, Imperial Petroleum announced today that the company's management estimates Imperial Petroleum's Net Asset Value (NAV) to be $338.6 million, which is approximately 717% above its current market capitalization.

IMPP says the NAV which includes total outstanding cash of $142.2 million is increasing daily on account of the record net cashflow contributed by the company's tankers.

This translates into a NAV of $1.39 per common share currently outstanding and $1.17 per common share on a fully diluted basis.

According to data from Benzinga Pro, IMPP has a 52-week high of $1.80 and a 52-week low of $0.15.

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