Okeanis Eco Tankers (NYSE:ECO) Sees Large Volume Increase - Here's What Happened

Key Points

• Okeanis Eco Tankers traded approximately 323,570 shares on Friday (down 35% from the prior session) and last traded at $51.32, above the previous close of $49.65.
• Analyst views are mixed after several upgrades and downgrades, but MarketBeat shows a consensus rating of Moderate Buy with a consensus price target of $43.35.
• The company beat EPS estimates with $1.78 for the quarter and raised its quarterly dividend to $1.55 (annualized $6.20), implying an 11.8% yield, though the dividend payout ratio is high at about 165.8%.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 323,570 shares were traded during trading, a decline of 35% from the previous session's volume of 497,259 shares.The stock last traded at $51.3180 and had previously closed at $49.65.

Analyst Ratings Changes

Several brokerages have commented on ECO. Clarkson Capital upgraded shares of Okeanis Eco Tankers from a "neutral" rating to a "buy" rating and set a $46.05 price target on the stock in a research note on Tuesday, January 27th. B. Riley Financial boosted their price objective on shares of Okeanis Eco Tankers from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. Wall Street Zen raised shares of Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research report on Sunday, March 29th. Weiss Ratings lowered shares of Okeanis Eco Tankers from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, March 25th. Finally, Zacks Research raised shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Okeanis Eco Tankers has a consensus rating of "Moderate Buy" and a consensus price target of $43.35.

Okeanis Eco Tankers Stock Performance

The company has a market cap of $2.06 billion, a PE ratio of 14.09 and a beta of -0.07. The stock has a 50 day simple moving average of $48.17 and a two-hundred day simple moving average of $39.59. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.50 and a quick ratio of 1.39.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last announced its earnings results on Wednesday, February 18th. The company reported $1.78 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.48. Okeanis Eco Tankers had a net margin of 31.40% and a return on equity of 26.63%. The business had revenue of $91.33 million for the quarter, compared to analysts' expectations of $98.45 million. Equities analysts predict that Okeanis Eco Tankers Corp. will post 1.34 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, March 3rd were issued a $1.55 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $0.75. This represents a $6.20 dividend on an annualized basis and a dividend yield of 11.8%. Okeanis Eco Tankers's dividend payout ratio is currently 165.78%.

Hedge Funds Weigh In On Okeanis Eco Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new stake in Okeanis Eco Tankers during the 2nd quarter valued at approximately $25,000. Quarry LP acquired a new position in shares of Okeanis Eco Tankers in the third quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Okeanis Eco Tankers by 102.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,052 shares of the company's stock valued at $36,000 after purchasing an additional 532 shares during the period. State of Wyoming purchased a new stake in shares of Okeanis Eco Tankers during the second quarter worth approximately $107,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Okeanis Eco Tankers during the third quarter worth approximately $211,000.

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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