Okeanis Eco Tankers Corp. (NYSE:ECO) Sees Significant Drop in Short Interest

Key Points

• Okeanis Eco Tankers Corp. experienced a significant 39.6% drop in short interest in July, with total short interest down to 143,600 shares.
• The company reported strong second-quarter earnings, with earnings per share (EPS) of $0.83 exceeding analysts' expectations by $0.37.
• Okeanis recently announced a substantial $0.70 dividend, representing a yield of 1,080.0%, up from the previous dividend of $0.32.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 143,600 shares, adecreaseof39.6% from the July 15th total of 237,700 shares. Approximately1.1% of the company's stock are sold short. Based on an average daily trading volume, of 132,100 shares, the days-to-cover ratio is presently 1.1 days. Based on an average daily trading volume, of 132,100 shares, the days-to-cover ratio is presently 1.1 days. Approximately1.1% of the company's stock are sold short.

Okeanis Eco Tankers Stock Down 2.2%

Shares of ECO traded down $0.58 during mid-day trading on Tuesday, hitting $25.54. 95,178 shares of the company's stock were exchanged, compared to its average volume of 137,044. The firm has a fifty day moving average of $23.72 and a two-hundred day moving average of $22.94. Okeanis Eco Tankers has a twelve month low of $17.91 and a twelve month high of $35.64. The stock has a market cap of $822.13 million, a price-to-earnings ratio of 12.22 and a beta of -0.13. The company has a quick ratio of 1.65, a current ratio of 1.96 and a debt-to-equity ratio of 1.36.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.37. Okeanis Eco Tankers had a net margin of 19.52% and a return on equity of 15.81%. The business had revenue of $93.95 million for the quarter, compared to analyst estimates of $56.10 million. On average, sell-side analysts forecast that Okeanis Eco Tankers will post 1.34 earnings per share for the current year.

Okeanis Eco Tankers Increases Dividend

The company also recently announced a dividend, which will be paid on Friday, September 5th. Investors of record on Monday, August 25th will be paid a $0.70 dividend. This represents a yield of 1,080.0%. The ex-dividend date is Friday, August 22nd. This is a boost from Okeanis Eco Tankers's previous dividend of $0.32. Okeanis Eco Tankers's dividend payout ratio (DPR) is 61.24%.

Wall Street Analyst Weigh In

ECO has been the topic of several research reports. Jefferies Financial Group initiated coverage on shares of Okeanis Eco Tankers in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $29.00 price objective on the stock. Zacks Research upgraded shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. Based on data from MarketBeat.com, Okeanis Eco Tankers has an average rating of "Buy" and an average target price of $34.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ECO. BNP Paribas Financial Markets bought a new stake in Okeanis Eco Tankers in the 2nd quarter valued at $25,000. Wells Fargo & Company MN bought a new stake in Okeanis Eco Tankers in the 4th quarter valued at $78,000. State of Wyoming bought a new stake in Okeanis Eco Tankers in the 2nd quarter valued at $107,000. B. Riley Wealth Advisors Inc. bought a new stake in Okeanis Eco Tankers in the 4th quarter valued at $213,000. Finally, Citadel Advisors LLC boosted its holdings in Okeanis Eco Tankers by 21.7% in the 4th quarter. Citadel Advisors LLC now owns 13,108 shares of the company's stock valued at $279,000 after purchasing an additional 2,340 shares during the period.

About Okeanis Eco Tankers

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.

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