Okeanis Eco Tankers (NYSE:ECO) Sets New 12-Month High – Here’s What Happened

Okeanis Eco Tankers Corp. (NYSE:ECO)’s stock price reached a new 52-week high during trading on Thursday. The company traded as high as $93.49 and last traded at $93.55, with a volume of 64982 shares trading hands. The stock had previously closed at $88.04.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ECO. B. Riley Financial raised their price objective on Okeanis Eco Tankers from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Monday. Zacks Research lowered Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday. Wall Street Zen upgraded shares of Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Weiss Ratings raised shares of Okeanis Eco Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, September 9th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Okeanis Eco Tankers presently has an average rating of “Hold” and a consensus price target of $67.85.

Okeanis Eco Tankers Trading Up 5.5%

The stock has a 50-day moving average of $71.52 and a 200 day moving average of $59.24. The company has a quick ratio of 4.13, a current ratio of 4.43 and a debt-to-equity ratio of 0.76. The stock has a market cap of $3.63 billion, a PE ratio of 8.65 and a beta of -0.19.

Okeanis Eco Tankers (NYSE:ECO) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.61 by $1.30. The company had revenue of $268.14 million during the quarter, compared to analyst estimates of $220.28 million. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. As a group, sell-side analysts anticipate that Okeanis Eco Tankers Corp. will post 15.33 earnings per share for the current year.

Okeanis Eco Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors 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. This represents a $21.00 dividend on an annualized basis and a yield of 22.6%. The ex-dividend date was Friday, August 14th. Okeanis Eco Tankers’s payout ratio is presently 195.90%.

Insider Buying and Selling

In other Okeanis Eco Tankers news, Director Financial Lp Qvt sold 68,420 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $59.99, for a total value of $4,104,515.80. Following the sale, the director directly owned 1,347,038 shares of the company’s stock, valued at approximately $80,808,809.62. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Hedge Funds Weigh In On Okeanis Eco Tankers

A number of institutional investors have recently modified their holdings of the stock. Encompass Capital Advisors LLC acquired a new stake in Okeanis Eco Tankers during the fourth quarter worth about $27,416,000. Fearnley Asset Management AS purchased a new position in Okeanis Eco Tankers during the fourth quarter valued at approximately $18,696,000. 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. Walleye Capital LLC boosted its position in Okeanis Eco Tankers by 71.9% in the 1st quarter. Walleye Capital LLC now owns 177,417 shares of the company’s stock worth $8,976,000 after purchasing an additional 74,231 shares in the last quarter. Finally, Militia Capital Management LLC purchased a new stake in Okeanis Eco Tankers in the 1st quarter worth approximately $3,541,000.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates a fleet of modern, fuel-efficient crude oil tankers. The company focuses primarily on large crude carriers, including very large crude carriers (VLCCs) and Suezmax tankers, which transport crude oil between major production and refining regions around the world.

Through its vessels and associated commercial and technical management activities, Okeanis Eco Tankers provides seaborne transportation services to customers in the global energy industry.