Okeanis Eco Tankers Corp. $ECO Shares Bought by Bank of America Corp DE

Key Points

• Bank of America nearly doubled its Okeanis Eco Tankers stake in the first quarter, acquiring 136,782 additional shares to hold 278,305 shares worth approximately $14.1 million.
• Okeanis Eco Tankers reported quarterly EPS of $5.91, exceeding estimates by $1.30, while revenue of $268.1 million also surpassed forecasts. The company raised its quarterly dividend to $5.25 per share, representing a 32.5% yield.
• The stock opened at $64.56, near its 52-week high of $66.25, while analysts maintained a consensus “Moderate Buy” rating with a $59.52 price target. Separately, an insider sold 68,420 shares for roughly $4.1 million.

Bank of America Corp DE increased its holdings in shares of Okeanis Eco Tankers Corp. (NYSE:ECO - Free Report) by 96.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 278,305 shares of the company's stock after acquiring an additional 136,782 shares during the quarter. Bank of America Corp DE owned about 0.71% of Okeanis Eco Tankers worth $14,079,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ECO. Fifth Third Bancorp acquired a new stake in Okeanis Eco Tankers during the 1st quarter worth approximately $29,000. Quarry LP purchased a new stake in Okeanis Eco Tankers during the 3rd quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd lifted its stake in Okeanis Eco Tankers by 102.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,052 shares of the company's stock worth $36,000 after purchasing an additional 532 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Okeanis Eco Tankers during the 2nd quarter valued at approximately $25,000. Finally, Royal Bank of Canada lifted its position in Okeanis Eco Tankers by 29,762.5% in the 1st quarter. Royal Bank of Canada now owns 2,389 shares of the company's stock valued at $121,000 after purchasing an additional 2,381 shares during the last quarter.

Insiders Place Their Bets

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 transaction of $4,104,515.80. Following the completion of the transaction, the director owned 1,347,038 shares in the company, valued at approximately $80,808,809.62. This represents a 4.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Okeanis Eco Tankers Stock Up 0.7%

Okeanis Eco Tankers stock opened at $64.56 on Friday. Okeanis Eco Tankers Corp. has a twelve month low of $26.09 and a twelve month high of $66.25. The business has a fifty day moving average of $56.85 and a two-hundred day moving average of $52.16. 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 firm has a market cap of $2.52 billion, a P/E ratio of 6.02 and a beta of -0.15.

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

Okeanis Eco Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 32.5%. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 14th. Okeanis Eco Tankers's payout ratio is currently 195.90%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ECO shares. Weiss Ratings raised Okeanis Eco Tankers from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, August 6th. Pareto Securities downgraded shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 target price on the stock. in a research report on Monday, May 25th. Clarkson Capital downgraded shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Wall Street Zen raised Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Finally, Zacks Research raised Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.52.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a Marshall Islands–incorporated, publicly traded shipping company specializing in the ownership and operation of eco-design product tankers. The company made its debut on the New York Stock Exchange under the ticker “ECO” in May 2019 following an initial public offering. It focuses on the acquisition of newbuilding medium-range (MR) and long-range (LR) product tankers designed to deliver enhanced fuel efficiency and reduced emissions.

As of its public listing, Okeanis Eco Tankers' fleet comprises twelve eco-efficient vessels built by Hyundai Samho Heavy Industries in South Korea.

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