Okeanis Eco Tankers (NYSE:ECO) Shares Gap Down – Here’s What Happened

Okeanis Eco Tankers Corp. (NYSE:ECO) gapped down prior to trading on Wednesday . The stock had previously closed at $39.62, but opened at $36.31. Okeanis Eco Tankers shares last traded at $36.8250, with a volume of 345,580 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ECO. Weiss Ratings restated a “hold (c)” rating on shares of Okeanis Eco Tankers in a report on Wednesday, October 8th. B. Riley upped their price target on Okeanis Eco Tankers from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday. Clarkson Capital upgraded Okeanis Eco Tankers to a “hold” rating in a research report on Friday, November 14th. UBS Group cut Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Finally, Wall Street Zen raised Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a research note on Saturday. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $37.00.

Okeanis Eco Tankers Price Performance

The stock has a fifty day simple moving average of $31.71 and a 200-day simple moving average of $26.86. The company has a market capitalization of $1.18 billion and a PE ratio of 17.59. The company has a current ratio of 1.96, a quick ratio of 1.65 and a debt-to-equity ratio of 1.36.

Okeanis Eco Tankers (NYSE:ECO) last issued its earnings results on Wednesday, November 12th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.48. The business had revenue of $59.95 million during the quarter, compared to analysts’ expectations of $51.29 million. Okeanis Eco Tankers had a net margin of 19.52% and a return on equity of 15.81%. Equities analysts anticipate that Okeanis Eco Tankers Corp. will post 1.34 earnings per share for the current year.

Okeanis Eco Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Tuesday, December 2nd will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $3.00 annualized dividend and a yield of 8.2%. This is a boost from Okeanis Eco Tankers’s previous quarterly dividend of $0.70. Okeanis Eco Tankers’s dividend payout ratio (DPR) is currently 125.52%.

Institutional Trading of Okeanis Eco Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in ECO. Quarry LP purchased a new stake in Okeanis Eco Tankers in the 3rd quarter valued at about $29,000. BNP Paribas Financial Markets purchased a new position in shares of Okeanis Eco Tankers during the 2nd quarter worth about $25,000. State of Wyoming boosted its position in shares of Okeanis Eco Tankers by 58.6% in the third quarter. State of Wyoming now owns 7,825 shares of the company’s stock worth $229,000 after acquiring an additional 2,890 shares during the last quarter. Lighthouse Investment Partners LLC grew its holdings in Okeanis Eco Tankers by 11.0% in the third quarter. Lighthouse Investment Partners LLC now owns 51,965 shares of the company’s stock valued at $1,521,000 after purchasing an additional 5,149 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in Okeanis Eco Tankers in the third quarter valued at approximately $211,000.

About Okeanis Eco Tankers

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.