Okeanis Eco Tankers (NYSE:ECO) Reaches New 1-Year High Following Better-Than-Expected Earnings

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $35.85 and last traded at $35.5510, with a volume of 44075 shares traded. The stock had previously closed at $35.25.

The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.48. The company had revenue of $59.95 million for the quarter, compared to analyst estimates of $51.29 million. Okeanis Eco Tankers had a return on equity of 15.81% and a net margin of 19.52%.

Okeanis Eco Tankers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Tuesday, December 2nd will be issued a $0.75 dividend. This is a boost from Okeanis Eco Tankers’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $3.00 annualized dividend and a yield of 7.8%. Okeanis Eco Tankers’s payout ratio is presently 133.97%.

Wall Street Analysts Forecast Growth

ECO has been the subject of a number of research analyst reports. B. Riley lifted their price target on Okeanis Eco Tankers from $35.00 to $45.00 and gave the company a “buy” rating in a report on Friday. Zacks Research cut shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Okeanis Eco Tankers in a research note on Wednesday, October 8th. Jefferies Financial Group assumed coverage on shares of Okeanis Eco Tankers in a research report on Wednesday, July 23rd. They set a “buy” rating and a $29.00 target price on the stock. Finally, UBS Group lowered shares of Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a report on Friday. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.00.

Institutional Trading of Okeanis Eco Tankers

A number of institutional investors have recently bought and sold shares of ECO. SG Americas Securities LLC lifted its holdings in shares of Okeanis Eco Tankers by 108.2% during the 2nd quarter. SG Americas Securities LLC now owns 420,789 shares of the company’s stock valued at $9,144,000 after purchasing an additional 218,717 shares in the last quarter. Semmax Financial Advisors Inc. raised its holdings in Okeanis Eco Tankers by 210.9% during the 1st quarter. Semmax Financial Advisors Inc. now owns 122,529 shares of the company’s stock worth $2,906,000 after buying an additional 83,122 shares during the period. Goldman Sachs Group Inc. raised its holdings in Okeanis Eco Tankers by 56.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 150,568 shares of the company’s stock worth $3,328,000 after buying an additional 54,528 shares during the period. Two Sigma Investments LP lifted its stake in Okeanis Eco Tankers by 517.5% in the third quarter. Two Sigma Investments LP now owns 58,678 shares of the company’s stock valued at $1,718,000 after buying an additional 49,176 shares in the last quarter. Finally, Invesco Ltd. acquired a new position in shares of Okeanis Eco Tankers in the second quarter valued at approximately $613,000.

Okeanis Eco Tankers Price Performance

The company’s fifty day moving average price is $31.28 and its two-hundred day moving average price is $26.60. The company has a quick ratio of 1.65, a current ratio of 1.96 and a debt-to-equity ratio of 1.36. The company has a market cap of $1.23 billion and a price-to-earnings ratio of 18.33.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp., a shipping company, owns and operates tanker vessels worldwide. It operates a fleet of 14 tanker vessels comprising six modern Suezmax tankers and eight modern VLCC tankers focusing on the transportation of crude oil. The company was incorporated in 2018 and is based in Neo Faliro, Greece.