Okeanis Eco Tankers (NYSE:ECO) Sets New 1-Year High Following Strong Earnings

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

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

Okeanis Eco Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Tuesday, December 2nd will be given a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a dividend yield of 7.8%. Okeanis Eco Tankers’s dividend payout ratio (DPR) is currently 133.97%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ECO. Jefferies Financial Group assumed coverage on Okeanis Eco Tankers in a report on Wednesday, July 23rd. They issued a “buy” rating and a $29.00 price target for the company. B. Riley upped their price target on shares of Okeanis Eco Tankers from $35.00 to $45.00 and gave the company a “buy” rating in a report on Friday. UBS Group cut Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a research note on Friday. Zacks Research downgraded shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Okeanis Eco Tankers in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Okeanis Eco Tankers presently has a consensus rating of “Hold” and a consensus price target of $37.00.

Hedge Funds Weigh In On Okeanis Eco Tankers

Several large investors have recently made changes to their positions in ECO. Triumph Capital Management bought a new stake in shares of Okeanis Eco Tankers in the 1st quarter worth approximately $440,000. Boston Partners boosted its holdings in Okeanis Eco Tankers by 23.9% during the first quarter. Boston Partners now owns 71,731 shares of the company’s stock worth $1,585,000 after buying an additional 13,842 shares in the last quarter. Energy Income Partners LLC grew its position in Okeanis Eco Tankers by 84.6% in the first quarter. Energy Income Partners LLC now owns 51,189 shares of the company’s stock worth $1,131,000 after buying an additional 23,452 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Okeanis Eco Tankers by 56.8% in the first quarter. Goldman Sachs Group Inc. now owns 150,568 shares of the company’s stock valued at $3,328,000 after buying an additional 54,528 shares in the last quarter. Finally, Semmax Financial Advisors Inc. lifted its position in shares of Okeanis Eco Tankers by 210.9% during the 1st quarter. Semmax Financial Advisors Inc. now owns 122,529 shares of the company’s stock valued at $2,906,000 after acquiring an additional 83,122 shares during the last quarter.

Okeanis Eco Tankers Trading Down 1.8%

The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.65 and a current ratio of 1.96. The firm has a market capitalization of $1.23 billion and a P/E ratio of 18.33. The firm has a 50 day moving average price of $31.28 and a two-hundred day moving average price of $26.60.

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.