Engineers Gate Manager LP Has $1.54 Million Stock Position in Okeanis Eco Tankers Corp. $ECO

Key Points

• Engineers Gate Manager LP cut its Okeanis Eco Tankers position by 57% in the second quarter, retaining 30,762 shares valued at approximately $1.54 million, or 0.08% of the company.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $59.52, despite Pareto Securities downgrading it to “Hold.”
• Okeanis reported quarterly EPS of $5.91, beating estimates of $4.61, and raised its quarterly dividend to $5.25 per share—an annualized $21.00 payout and 24.8% yield—although its payout ratio reached 195.9%.

Engineers Gate Manager LP reduced its position in shares of Okeanis Eco Tankers Corp. (NYSE:ECO - Free Report) by 57.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,762 shares of the company's stock after selling 40,703 shares during the period. Engineers Gate Manager LP owned 0.08% of Okeanis Eco Tankers worth $1,542,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ECO. Bank of America Corp DE lifted its position 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 worth $14,079,000 after acquiring an additional 136,782 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in Okeanis Eco Tankers during the second quarter valued at about $1,506,000. Militia Capital Management LLC acquired a new stake in shares of Okeanis Eco Tankers in the first quarter valued at about $3,541,000. Cetera Investment Advisers acquired a new stake in shares of Okeanis Eco Tankers in the first quarter valued at about $2,185,000. Finally, Encompass Capital Advisors LLC bought a new position in shares of Okeanis Eco Tankers in the fourth quarter worth about $27,416,000.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ECO shares. Pareto Securities cut Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price objective for the company. in a research report on Monday, May 25th. Wall Street Zen raised Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Zacks Research raised Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings upgraded Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $59.52.

Okeanis Eco Tankers Stock Performance

NYSE ECO opened at $84.76 on Thursday. The company's fifty day moving average is $63.52 and its two-hundred day moving average is $55.61. Okeanis Eco Tankers Corp. has a 52-week low of $27.74 and a 52-week high of $87.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.43 and a quick ratio of 4.13. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 7.91 and a beta of -0.11.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $5.91 EPS for the quarter, beating analysts' consensus estimates of $4.61 by $1.30. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. The business had revenue of $268.14 million during the quarter, compared to analyst estimates of $220.28 million. Equities research analysts forecast that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were paid a dividend of $5.25 per share. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $2.00. This represents a $21.00 annualized dividend and a yield of 24.8%. The ex-dividend date was Friday, August 14th. Okeanis Eco Tankers's dividend payout ratio is presently 195.90%.

Insider Transactions at Okeanis Eco Tankers

In other Okeanis Eco Tankers news, Director Financial Lp Qvt sold 68,420 shares of the company'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 value of $4,104,515.80. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Okeanis Eco Tankers Company Profile

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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