Okeanis Eco Tankers (NYSE:ECO) Releases Earnings Results, Beats Estimates By $1.30 EPS

Key Points

• Okeanis Eco Tankers reported quarterly EPS of $5.91, beating analyst estimates of $4.61 by $1.30. The company posted a 41.26% net margin and 37.13% return on equity.
• The company increased its quarterly dividend to $2.00 per share, implying an annualized dividend of $8.00 and a 13.5% yield, although its payout ratio stands at 141.34%.
• Despite recent institutional buying, analyst sentiment is cautious: five analysts rate the stock “Hold” and one rates it “Buy,” with an average price target of $59.52.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $5.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.61 by $1.30, FiscalAI reports. Okeanis Eco Tankers had a net margin of 41.26% and a return on equity of 37.13%.

Okeanis Eco Tankers Stock Performance

Okeanis Eco Tankers stock traded down $1.92 during mid-day trading on Tuesday, hitting $59.46. The company had a trading volume of 990,187 shares, compared to its average volume of 479,617. The company's fifty day moving average is $53.19 and its 200-day moving average is $49.98. Okeanis Eco Tankers has a 12-month low of $23.82 and a 12-month high of $61.53. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 10.50 and a beta of -0.15. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Thursday, May 28th were given a $2.00 dividend. The ex-dividend date was Thursday, May 28th. This represents a $8.00 annualized dividend and a yield of 13.5%. This is a boost from Okeanis Eco Tankers's previous quarterly dividend of $1.55. Okeanis Eco Tankers's payout ratio is currently 141.34%.

Institutional Trading of Okeanis Eco Tankers

Institutional investors have recently bought and sold shares of the business. FIL Ltd grew its stake in Okeanis Eco Tankers by 17.2% in the 4th quarter. FIL Ltd now owns 574,182 shares of the company's stock valued at $19,339,000 after acquiring an additional 84,130 shares during the period. Marshall Wace LLP acquired a new stake in shares of Okeanis Eco Tankers in the fourth quarter valued at approximately $10,911,000. Goldman Sachs Group Inc. increased its stake in shares of Okeanis Eco Tankers by 23.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 225,358 shares of the company's stock worth $7,626,000 after acquiring an additional 42,414 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in Okeanis Eco Tankers in the 4th quarter valued at about $5,222,000. Finally, Semmax Financial Advisors Inc. raised its position in Okeanis Eco Tankers by 8.2% in the second quarter. Semmax Financial Advisors Inc. now owns 132,545 shares of the company's stock valued at $2,880,000 after purchasing an additional 10,016 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Okeanis Eco Tankers in a research report on Thursday, June 18th. Wall Street Zen downgraded shares of Okeanis Eco Tankers from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Clarkson Capital downgraded shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Zacks Research lowered shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Finally, Pareto Securities lowered shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price target on the stock. in a report on Monday, May 25th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source