Okeanis Eco Tankers (NYSE:ECO) Stock Rating Cut to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded Okeanis Eco Tankers from “strong buy” to “hold,” while the broader analyst consensus is also “hold,” with a $67.85 average price target.
• Despite the downgrade, B. Riley raised its price target to $100 and maintained a “buy” rating; other analysts have also issued positive revisions.
• The company reported strong quarterly results, earning $5.91 per share versus the $4.61 estimate and generating $268.14 million in revenue, above the $220.28 million consensus.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday, Zacks reports.

Other research analysts also recently issued research reports about the stock. B. Riley Financial upped their target price on shares of Okeanis Eco Tankers from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Monday. Weiss Ratings raised Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, September 9th. Finally, Wall Street Zen upgraded Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $67.85.

Okeanis Eco Tankers Price Performance

NYSE ECO opened at $86.95 on Monday. Okeanis Eco Tankers has a 12 month low of $27.74 and a 12 month high of $90.64. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 8.11 and a beta of -0.19. The company's 50 day moving average is $70.93 and its two-hundred day moving average is $58.95. The company has a current ratio of 4.43, a quick ratio of 4.13 and a debt-to-equity ratio of 0.76.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $4.61 by $1.30. The business had revenue of $268.14 million for the quarter, compared to the consensus estimate 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, research analysts anticipate that Okeanis Eco Tankers will post 15.33 earnings per share for the current year.

Insiders Place Their Bets

In other Okeanis Eco Tankers news, Director Financial Lp Qvt sold 68,420 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $59.99, for a total transaction of $4,104,515.80. Following the completion of the transaction, the director owned 1,347,038 shares in the company, valued at $80,808,809.62. This trade represents a 4.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Encompass Capital Advisors LLC purchased a new position in Okeanis Eco Tankers during the fourth quarter worth $27,416,000. Fearnley Asset Management AS purchased a new position in shares of Okeanis Eco Tankers during the 4th quarter worth about $18,696,000. Bank of America Corp DE grew its holdings in Okeanis Eco Tankers by 96.7% during the 1st quarter. Bank of America Corp DE now owns 278,305 shares of the company's stock valued at $14,079,000 after purchasing an additional 136,782 shares during the last quarter. Walleye Capital LLC grew its holdings in Okeanis Eco Tankers by 71.9% during the 1st quarter. Walleye Capital LLC now owns 177,417 shares of the company's stock valued at $8,976,000 after purchasing an additional 74,231 shares during the last quarter. Finally, Militia Capital Management LLC purchased a new stake in Okeanis Eco Tankers in the 1st quarter worth about $3,541,000.

About Okeanis Eco Tankers

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.

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