Okeanis Eco Tankers (NYSE:ECO) Reaches New 52-Week High - Here's Why

Key Points

• Okeanis Eco Tankers reached a new 52-week high, trading as high as $87.70 and closing around $87.37, up from its prior close of $85.74.
• The company reported strong quarterly results, with EPS of $5.91 versus the $4.61 consensus estimate and revenue of $268.14 million, well above expectations.
• Okeanis increased its quarterly dividend to $5.25 per share, implying a $21 annualized payout and a 24% yield; however, its payout ratio stands at a high 195.9%.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report)'s stock price reached a new 52-week high on Friday. The company traded as high as $87.70 and last traded at $87.3680, with a volume of 777335 shares changing hands. The stock had previously closed at $85.74.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Weiss Ratings upgraded Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, September 9th. Wall Street Zen upgraded Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Finally, Zacks Research upgraded shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $59.52.

Okeanis Eco Tankers Stock Up 1.9%

The stock has a fifty day moving average price of $69.14 and a two-hundred day moving average price of $58.08. The firm has a market capitalization of $3.41 billion, a P/E ratio of 8.15 and a beta of -0.20. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.13 and a current ratio of 4.43.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 EPS for the quarter, beating the consensus estimate of $4.61 by $1.30. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. The business had revenue of $268.14 million during the quarter, compared to analyst estimates of $220.28 million. 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 disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were given a dividend of $5.25 per share. The ex-dividend date was Friday, August 14th. This represents a $21.00 dividend on an annualized basis and a yield of 24.0%. This is an increase from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's payout ratio is presently 195.90%.

Insider Activity

In other news, Director Financial Lp Qvt sold 68,420 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $59.99, for a total transaction of $4,104,515.80. Following the completion of the transaction, the director owned 1,347,038 shares in the company, valued at approximately $80,808,809.62. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On Okeanis Eco Tankers

Several large investors have recently made changes to their positions in the company. State of Wyoming raised its holdings in Okeanis Eco Tankers by 2.6% during the first quarter. State of Wyoming now owns 8,123 shares of the company's stock worth $411,000 after purchasing an additional 202 shares in the last quarter. Triumph Capital Management boosted its stake in Okeanis Eco Tankers by 1.6% during the 2nd quarter. Triumph Capital Management now owns 20,112 shares of the company's stock valued at $1,008,000 after purchasing an additional 312 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Okeanis Eco Tankers by 102.3% during the 4th 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. Fifth Third Bancorp acquired a new position in shares of Okeanis Eco Tankers during the 1st quarter valued at $29,000. Finally, Energy Income Partners LLC raised its stake in shares of Okeanis Eco Tankers by 3.4% in the 1st quarter. Energy Income Partners LLC now owns 69,118 shares of the company's stock worth $3,497,000 after buying an additional 2,250 shares in the last quarter.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates a fleet of modern, fuel-efficient crude oil tankers. The company focuses primarily on large crude carriers, including very large crude carriers (VLCCs) and Suezmax tankers, which transport crude oil between major production and refining regions around the world.

Through its vessels and associated commercial and technical management activities, Okeanis Eco Tankers provides seaborne transportation services to customers in the global energy industry.

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