Okeanis Eco Tankers (NYSE:ECO) Reaches New 52-Week High - Should You Buy?

Key Points

• Okeanis Eco Tankers reached a new 52-week high of $76.21, significantly above its 50-day and 200-day moving averages. Analysts’ consensus rating is “Moderate Buy,” though the average price target of $59.52 is below the current share price.
• The company reported strong quarterly results, with EPS of $5.91 versus the $4.61 estimate and revenue of $268.14 million, exceeding expectations by nearly $48 million.
• Okeanis raised its quarterly dividend to $5.25 per share, implying a 28.1% annualized yield; however, its payout ratio is exceptionally high at 195.9%, while an insider recently sold approximately $4.1 million of stock.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as $76.21 and last traded at $75.4130, with a volume of 35399 shares trading hands. The stock had previously closed at $76.15.

Analysts Set New Price Targets

Several research firms recently weighed in on ECO. Pareto Securities downgraded shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price objective for the company. in a report on Monday, May 25th. Wall Street Zen raised shares of Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday. Finally, Zacks Research raised shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.52.

Okeanis Eco Tankers Price Performance

The stock's 50 day moving average price is $61.81 and its two-hundred day moving average price is $54.98. The company has a quick ratio of 4.13, a current ratio of 4.43 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 7.03 and a beta of -0.11.

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 (EPS) for the quarter, topping the consensus estimate of $4.61 by $1.30. Okeanis Eco Tankers had a return on equity of 62.06% and a net margin of 56.92%.The company had revenue of $268.14 million during the quarter, compared to the consensus estimate of $220.28 million. Analysts anticipate that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 28.1%. The ex-dividend date was Friday, August 14th. This is an increase from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's dividend payout ratio is currently 195.90%.

Insider Activity

In other news, Director Financial Lp Qvt sold 68,420 shares of the business'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 transaction, the director owned 1,347,038 shares in the company, valued at approximately $80,808,809.62. The trade was a 4.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Trading of Okeanis Eco Tankers

A number of hedge funds have recently modified their holdings of ECO. State of Wyoming boosted 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 valued at $411,000 after purchasing an additional 202 shares in the last quarter. Triumph Capital Management raised its holdings in shares of Okeanis Eco Tankers by 1.6% in the 2nd quarter. Triumph Capital Management now owns 20,112 shares of the company's stock worth $1,008,000 after buying an additional 312 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Okeanis Eco Tankers by 102.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,052 shares of the company's stock worth $36,000 after buying an additional 532 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of Okeanis Eco Tankers during the 1st quarter worth approximately $29,000. Finally, Quarry LP bought a new position in shares of Okeanis Eco Tankers during the 3rd quarter worth approximately $29,000.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates a fleet of oceangoing tankers. The company primarily transports crude oil and refined petroleum products for energy companies, commodity traders and other commercial customers in international markets.

Its fleet is focused on large, modern and fuel-efficient vessels, including very large crude carriers (VLCCs), Suezmax crude oil tankers and large range 2 (LR2) product tankers. The company emphasizes environmentally efficient vessel designs and operational practices intended to reduce fuel consumption and emissions while serving global seaborne energy trade.

Okeanis Eco Tankers was established in 2018 and became publicly listed on the New York Stock Exchange in 2019 under the symbol ECO.

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