Okeanis Eco Tankers (NYSE:ECO) Shares Gap Down - Here's What Happened

Key Points

• Okeanis Eco Tankers shares fell sharply, opening at $59.44 versus a prior close of $63.92 and later trading near $60.15.
• Analyst opinions are mixed, but the stock carries a “Moderate Buy” consensus with an average price target of $59.52; ratings range from Hold to Strong Buy.
• The company beat quarterly expectations with $5.91 in EPS and $268.14 million in revenue, while announcing a dividend increase to $5.25 per share, implying a 35.2% yield.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $63.92, but opened at $59.44. Okeanis Eco Tankers shares last traded at $60.1520, with a volume of 138,741 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Clarkson Capital lowered Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. B. Riley Financial upped their price target on Okeanis Eco Tankers from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Pareto Securities cut shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price target for the company. in a research note on Monday, May 25th. Weiss Ratings upgraded shares of Okeanis Eco Tankers from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, August 6th. Finally, Zacks Research raised shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $59.52.

Okeanis Eco Tankers Price Performance

The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 5.57 and a beta of -0.15. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.13 and a current ratio of 4.43. The company has a 50-day simple moving average of $55.22 and a two-hundred day simple moving average of $51.27.

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 for the quarter, beating the consensus estimate of $4.61 by $1.30. The business had revenue of $268.14 million during the quarter, compared to analysts' expectations of $220.28 million. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. As a group, equities research analysts forecast that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 14th will be issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 35.2%. The ex-dividend date of this dividend is Friday, August 14th. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's payout ratio is presently 195.90%.

Hedge Funds Weigh In On Okeanis Eco Tankers

A number of large investors have recently made changes to their positions in ECO. Goldman Sachs Group Inc. increased 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 buying an additional 54,528 shares during the period. Invesco Ltd. bought a new stake in shares of Okeanis Eco Tankers in the second quarter valued at about $613,000. Lighthouse Investment Partners LLC grew its stake in shares of Okeanis Eco Tankers by 13.5% in the second quarter. Lighthouse Investment Partners LLC now owns 46,816 shares of the company's stock valued at $1,017,000 after acquiring an additional 5,558 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Okeanis Eco Tankers in the second quarter valued at about $25,000. Finally, Semmax Financial Advisors Inc. increased 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 worth $2,880,000 after acquiring an additional 10,016 shares during the period.

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