Okeanis Eco Tankers (NYSE:ECO) Hits New 52-Week High - Still a Buy?

Key Points

• Okeanis Eco Tankers shares reached a new 52-week high of $66.25 and last traded at $66.12, above the $59.52 analyst consensus target. Analysts’ views remain mixed, though the overall consensus is “Moderate Buy.”
• The company reported strong quarterly results, with EPS of $5.91 beating estimates by $1.30 and revenue of $268.14 million exceeding forecasts. It also announced a sharply higher quarterly dividend of $5.25, implying a 32.1% annualized yield, although the payout ratio is 195.9%.
• Institutional investors generally increased their positions, while a director-related entity sold 68,420 shares at an average price of $59.99. Okeanis operates a fleet of 12 eco-efficient product tankers.

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as $66.25 and last traded at $66.12, with a volume of 152015 shares. The stock had previously closed at $64.10.

Analyst Upgrades and Downgrades

ECO has been the topic of a number of research reports. Clarkson Capital downgraded shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a report on Friday, May 15th. B. Riley Financial raised their price target on Okeanis Eco Tankers from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Weiss Ratings raised shares of Okeanis Eco Tankers from a "hold (c+)" rating to a "buy (b)" rating in a research note on Thursday, August 6th. 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, Pareto Securities lowered shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price objective for the company. in a research note on Monday, May 25th. One 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.52.

Okeanis Eco Tankers Stock Performance

The company has a current ratio of 4.43, a quick ratio of 4.13 and a debt-to-equity ratio of 0.76. The company has a market cap of $2.55 billion, a PE ratio of 6.10 and a beta of -0.15. The firm's 50-day simple moving average is $56.61 and its two-hundred day simple moving average is $52.07.

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

Okeanis Eco Tankers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 14th will be given a $5.25 dividend. This is an increase from Okeanis Eco Tankers's previous quarterly dividend of $2.00. This represents a $21.00 dividend on an annualized basis and a yield of 32.1%. The ex-dividend date is Friday, August 14th. Okeanis Eco Tankers's payout ratio is currently 195.90%.

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 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 directly owned 1,347,038 shares of the company's stock, valued at approximately $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 can be accessed through this link.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its position in Okeanis Eco Tankers by 56.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 150,568 shares of the company's stock worth $3,328,000 after purchasing an additional 54,528 shares during the period. Invesco Ltd. acquired a new stake in Okeanis Eco Tankers during the second quarter worth about $613,000. Lighthouse Investment Partners LLC grew its holdings in Okeanis Eco Tankers by 13.5% during the second 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 period. BNP Paribas Financial Markets purchased a new position in Okeanis Eco Tankers during the second quarter valued at approximately $25,000. Finally, Semmax Financial Advisors Inc. raised its position in Okeanis Eco Tankers by 8.2% during the second quarter. Semmax Financial Advisors Inc. now owns 132,545 shares of the company's stock valued at $2,880,000 after acquiring an additional 10,016 shares in the last quarter.

About Okeanis Eco Tankers

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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