Okeanis Eco Tankers (NYSE:ECO) Sets New 12-Month High - Here's Why

Key Points

• Okeanis Eco Tankers hit a new 52-week high, trading as high as $58.75 as investors continued to bid up the stock.
• The company recently reported better-than-expected earnings, with Q2 EPS of $2.33 versus $1.74 expected and revenue of $170.16 million versus $134.02 million expected.
• Okeanis also raised its quarterly dividend to $2.00 from $1.55, implying an annualized yield of 13.8%, though the payout ratio is elevated at 141.34%.

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $58.75 and last traded at $58.4370, with a volume of 67200 shares trading hands. The stock had previously closed at $57.46.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ECO shares. 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. Wall Street Zen lowered shares of Okeanis Eco Tankers from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 16th. Weiss Ratings reissued a "hold (c+)" rating on shares of Okeanis Eco Tankers in a research note on Thursday, June 18th. Pareto Securities downgraded shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price objective on the stock. in a research note on Monday, May 25th. Finally, Zacks Research lowered shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $59.52.

Okeanis Eco Tankers Price Performance

The company has a 50-day moving average of $52.64 and a two-hundred day moving average of $48.89. The stock has a market capitalization of $2.27 billion, a PE ratio of 10.29 and a beta of -0.07. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.70 and a quick ratio of 1.56.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.74 by $0.59. Okeanis Eco Tankers had a return on equity of 37.13% and a net margin of 41.26%.The company had revenue of $170.16 million during the quarter, compared to analysts' expectations of $134.02 million. Sell-side analysts predict that Okeanis Eco Tankers Corp. will post 9.53 EPS for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Thursday, May 28th were issued a $2.00 dividend. The ex-dividend date was Thursday, May 28th. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $1.55. This represents a $8.00 dividend on an annualized basis and a yield of 13.8%. Okeanis Eco Tankers's payout ratio is presently 141.34%.

Hedge Funds Weigh In On Okeanis Eco Tankers

A number of hedge funds have recently made changes to their positions in the stock. Navellier & Associates Inc. purchased a new position in shares of Okeanis Eco Tankers in the 4th quarter worth about $631,000. Militia Capital Management LLC purchased a new stake in shares of Okeanis Eco Tankers during the 1st quarter worth about $3,541,000. Encompass Capital Advisors LLC purchased a new stake in shares of Okeanis Eco Tankers during the 4th quarter worth about $27,416,000. Walleye Capital LLC increased its position in Okeanis Eco Tankers by 71.9% during the 1st quarter. Walleye Capital LLC now owns 177,417 shares of the company's stock worth $8,976,000 after purchasing an additional 74,231 shares in the last quarter. Finally, GeoSphere Capital Management LLC purchased a new position in Okeanis Eco Tankers in the fourth quarter valued at approximately $2,453,000.

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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