Okeanis Eco Tankers (NYSE:ECO) Sets New 12-Month High - What's Next?

Key Points

• Okeanis Eco Tankers shares reached a new 52-week high at $64.38 and last traded around $64.51, up from a prior close of $62.88.
• The company exceeded quarterly expectations, reporting $5.91 in EPS versus the $4.61 consensus and revenue of $268.14 million versus $220.28 million. Analysts’ consensus rating is “Moderate Buy,” with a $59.52 target price.
• Okeanis Eco Tankers increased its quarterly dividend to $5.25 per share, implying an annualized payout of $21.00 and a 32.2% yield, though the dividend’s ex-date and record date are August 14.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $64.38 and last traded at $64.5090, with a volume of 60690 shares traded. The stock had previously closed at $62.88.

Analyst Ratings Changes

ECO has been the subject of several recent research reports. Wall Street Zen raised shares of Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Weiss Ratings raised shares of Okeanis Eco Tankers from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, August 6th. Clarkson Capital lowered shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. B. Riley Financial lifted their price objective on shares of Okeanis Eco Tankers from $55.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 15th. Finally, Zacks Research upgraded shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Okeanis Eco Tankers presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.52.

Okeanis Eco Tankers Trading Up 3.7%

The company's 50-day moving average price is $54.89 and its 200-day moving average price is $51.09. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 6.09 and a beta of -0.15. The company has a quick ratio of 4.13, a current ratio of 4.43 and a debt-to-equity ratio of 0.76.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share for the quarter, topping the consensus estimate of $4.61 by $1.30. The firm had revenue of $268.14 million during the quarter, compared to the consensus estimate of $220.28 million. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. Equities analysts expect that Okeanis Eco Tankers Corp. will post 15.33 EPS 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. Shareholders of record on Friday, August 14th will be issued a dividend of $5.25 per share. The ex-dividend date of this dividend is Friday, August 14th. 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 dividend yield of 32.2%. Okeanis Eco Tankers's payout ratio is currently 74.63%.

Hedge Funds Weigh In On Okeanis Eco Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Encompass Capital Advisors LLC acquired a new position in Okeanis Eco Tankers in the 4th quarter valued at $27,416,000. Fearnley Asset Management AS purchased a new position in Okeanis Eco Tankers in the 4th quarter valued at $18,696,000. Marshall Wace LLP acquired a new stake in Okeanis Eco Tankers during the 4th quarter worth $10,911,000. JPMorgan Chase & Co. acquired a new stake in Okeanis Eco Tankers during the 4th quarter worth $5,222,000. Finally, Bank of America Corp DE grew its holdings in shares of Okeanis Eco Tankers by 96.7% during the first quarter. Bank of America Corp DE now owns 278,305 shares of the company's stock worth $14,079,000 after buying an additional 136,782 shares in the last quarter.

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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