Okeanis Eco Tankers Corp. $ECO Shares Sold by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital cut its Okeanis Eco Tankers stake by 45.8% in the first quarter, selling 134,161 shares and retaining 158,621 shares valued at approximately $8.1 million.
• Okeanis reported a strong quarter, with earnings of $2.33 per share versus the $1.74 consensus estimate and revenue of $170.16 million, ahead of expectations.
• The company raised its quarterly dividend to $2.00 per share, implying an annualized dividend of $8.00 and a 13.3% yield. Analysts remain cautious overall, with an average “Hold” rating and a $59.52 price target.

Arrowstreet Capital Limited Partnership reduced its stake in Okeanis Eco Tankers Corp. (NYSE:ECO - Free Report) by 45.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 158,621 shares of the company's stock after selling 134,161 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.41% of Okeanis Eco Tankers worth $8,076,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Goldman Sachs Group Inc. grew its holdings in shares of Okeanis Eco Tankers by 56.8% during 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 during the last quarter. Invesco Ltd. purchased a new position in Okeanis Eco Tankers in the 2nd quarter worth $613,000. Lighthouse Investment Partners LLC raised its stake in Okeanis Eco Tankers by 13.5% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 46,816 shares of the company's stock worth $1,017,000 after acquiring an additional 5,558 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Okeanis Eco Tankers during the 2nd quarter worth about $25,000. Finally, Semmax Financial Advisors Inc. lifted its position in Okeanis Eco Tankers by 8.2% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 132,545 shares of the company's stock worth $2,880,000 after acquiring an additional 10,016 shares during the period.

Okeanis Eco Tankers Trading Up 0.7%

Shares of NYSE:ECO opened at $60.28 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.56 and a debt-to-equity ratio of 0.75. Okeanis Eco Tankers Corp. has a 12-month low of $23.34 and a 12-month high of $60.78. The business has a 50 day moving average of $53.05 and a two-hundred day moving average of $49.76. The company has a market capitalization of $2.35 billion, a PE ratio of 10.65 and a beta of -0.07.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.59. The business had revenue of $170.16 million for the quarter, compared to analysts' expectations of $134.02 million. Okeanis Eco Tankers had a net margin of 41.26% and a return on equity of 37.13%. As a group, analysts forecast that Okeanis Eco Tankers Corp. will post 9.53 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Thursday, May 28th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 13.3%. The ex-dividend date of this dividend was Thursday, May 28th. This is an increase from Okeanis Eco Tankers's previous quarterly dividend of $1.55. Okeanis Eco Tankers's dividend payout ratio is currently 141.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. B. Riley Financial upped their target price on Okeanis Eco Tankers from $55.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 15th. Pareto Securities lowered shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price target for the company. in a research report on Monday, May 25th. Clarkson Capital cut shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Zacks Research downgraded shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Okeanis Eco Tankers in a research note on Thursday, June 18th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $59.52.

Okeanis Eco Tankers 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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