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

Okeanis Eco Tankers Corp. (NYSE:ECO)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $36.53, but opened at $35.20. Okeanis Eco Tankers shares last traded at $35.0850, with a volume of 37,068 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Zacks Research downgraded Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. UBS Group lowered Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Wall Street Zen raised shares of Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a research note on Saturday, November 15th. Clarkson Capital upgraded shares of Okeanis Eco Tankers to a “hold” rating in a report on Friday, November 14th. Finally, B. Riley raised their price target on shares of Okeanis Eco Tankers from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $37.00.

Okeanis Eco Tankers Price Performance

The company’s 50-day moving average is $33.40 and its 200-day moving average is $27.86. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 15.10 and a beta of -0.01. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.00 and a quick ratio of 1.69.

Okeanis Eco Tankers (NYSE:ECO) last posted its quarterly earnings results on Wednesday, November 12th. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.48. The firm had revenue of $59.95 million during the quarter, compared to the consensus estimate of $51.29 million. Okeanis Eco Tankers had a return on equity of 18.05% and a net margin of 21.92%. On average, research analysts expect that Okeanis Eco Tankers Corp. will post 1.34 earnings per share for the current year.

Okeanis Eco Tankers Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Tuesday, December 2nd will be issued a $0.75 dividend. The ex-dividend date is Tuesday, December 2nd. This is a positive change from Okeanis Eco Tankers’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a yield of 8.3%. Okeanis Eco Tankers’s payout ratio is 125.52%.

Institutional Trading of Okeanis Eco Tankers

Large investors have recently added to or reduced their stakes in the stock. Verition Fund Management LLC purchased a new position in Okeanis Eco Tankers in the third quarter valued at about $211,000. Quarry LP acquired a new stake in shares of Okeanis Eco Tankers in the third quarter valued at about $29,000. Militia Capital Partners LP purchased a new stake in shares of Okeanis Eco Tankers during the 3rd quarter valued at about $1,024,000. Millennium Management LLC acquired a new position in Okeanis Eco Tankers during the 3rd quarter worth approximately $486,000. Finally, Lighthouse Investment Partners LLC lifted its position in Okeanis Eco Tankers by 11.0% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 51,965 shares of the company’s stock worth $1,521,000 after acquiring an additional 5,149 shares in the last quarter.

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.