Okeanis Eco Tankers Corp. (NYSE:ECO – Get Free Report)’s share price rose 4% during mid-day trading on Tuesday . The company traded as high as $82.46 and last traded at $82.9250. 376,122 shares were traded during trading, a decline of 24% from the average daily volume of 496,113 shares. The stock had previously closed at $79.72.
Analysts Set New Price Targets
Several research firms have weighed in on ECO. Wall Street Zen upgraded shares of Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Zacks Research upgraded Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Weiss Ratings raised Okeanis Eco Tankers from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, September 9th. Finally, Pareto Securities cut Okeanis Eco Tankers from a “buy” rating to a “hold” rating and set a $57.50 price objective on the stock. in a research report on Monday, May 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Okeanis Eco Tankers has an average rating of “Moderate Buy” and an average price target of $59.52.
Read Our Latest Stock Report on Okeanis Eco Tankers
Okeanis Eco Tankers Stock Performance
Okeanis Eco Tankers (NYSE:ECO – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share for the quarter, topping the consensus estimate of $4.61 by $1.30. The business had revenue of $268.14 million during the quarter, compared to the consensus estimate of $220.28 million. Okeanis Eco Tankers had a return on equity of 62.06% and a net margin of 56.92%. On average, sell-side analysts anticipate that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current year.
Okeanis Eco Tankers Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were given a dividend of $5.25 per share. This is a boost from Okeanis Eco Tankers’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Friday, August 14th. This represents a $21.00 annualized dividend and a yield of 25.5%. Okeanis Eco Tankers’s payout ratio is 195.90%.
Insider Buying and Selling
In related news, Director Financial Lp Qvt sold 68,420 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $59.99, for a total transaction of $4,104,515.80. Following the completion of the sale, the director owned 1,347,038 shares of the company’s stock, valued at $80,808,809.62. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Institutional Trading of Okeanis Eco Tankers
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its holdings in Okeanis Eco Tankers by 96.7% in the first quarter. Bank of America Corp DE now owns 278,305 shares of the company’s stock valued at $14,079,000 after acquiring an additional 136,782 shares during the period. Allianz Asset Management GmbH acquired a new stake in shares of Okeanis Eco Tankers during the 2nd quarter worth approximately $1,506,000. Militia Capital Management LLC purchased a new position in shares of Okeanis Eco Tankers during the 1st quarter valued at approximately $3,541,000. Cetera Investment Advisers purchased a new position in shares of Okeanis Eco Tankers during the 1st quarter valued at approximately $2,185,000. Finally, Encompass Capital Advisors LLC acquired a new position in shares of Okeanis Eco Tankers in the 4th quarter valued at $27,416,000.
About Okeanis Eco Tankers
Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates a fleet of oceangoing tankers. The company primarily transports crude oil and refined petroleum products for energy companies, commodity traders and other commercial customers in international markets.
Its fleet is focused on large, modern and fuel-efficient vessels, including very large crude carriers (VLCCs), Suezmax crude oil tankers and large range 2 (LR2) product tankers. The company emphasizes environmentally efficient vessel designs and operational practices intended to reduce fuel consumption and emissions while serving global seaborne energy trade.
Okeanis Eco Tankers was established in 2018 and became publicly listed on the New York Stock Exchange in 2019 under the symbol ECO.
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