Okeanis Eco Tankers (NYSE:ECO) Sets New 1-Year High - Here's What Happened

Key Points

• Okeanis Eco Tankers reached a new 52-week high, trading as high as $102.56 and last changing hands near $100.47, up from a prior close of $99.04.
• The company reported strong quarterly results, with EPS of $5.91 beating estimates by $1.30 and revenue of $268.14 million exceeding expectations. Analysts maintain a consensus “Hold” rating with a $67.85 price target, well below the current share price.
• Okeanis increased its quarterly dividend to $5.25, implying an annualized payout of $21.00 and a yield of approximately 20.7%; however, its payout ratio is elevated at 195.9%.

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $102.56 and last traded at $100.4720, with a volume of 205,433 shares traded. The stock had previously closed at $99.04.

Analyst Ratings Changes

ECO has been the subject of a number of research reports. Wall Street Zen raised Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. B. Riley Financial increased their target price on Okeanis Eco Tankers from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Monday, October 5th. Zacks Research downgraded shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Finally, Weiss Ratings upgraded shares of Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, September 9th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $67.85.

Okeanis Eco Tankers Price Performance

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 business has a 50 day simple moving average of $80.94 and a 200-day simple moving average of $58.23. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 9.46 and a beta of -0.19.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $5.91 EPS 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 return on equity of 62.06% and a net margin of 56.92%. Equities research analysts expect that Okeanis Eco Tankers Corp. will post 15.33 earnings per share for the current year.

Okeanis Eco Tankers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 20.7%. The ex-dividend date of this dividend was Friday, August 14th. This is an increase from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's payout ratio is currently 195.90%.

Insiders Place Their Bets

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

Institutional Trading of Okeanis Eco Tankers

Several institutional investors have recently made changes to their positions in the company. Aviance Capital Partners LLC bought a new position in shares of Okeanis Eco Tankers during the 3rd quarter worth approximately $902,000. State of Wyoming grew its holdings in shares of Okeanis Eco Tankers by 4.8% in the third quarter. State of Wyoming now owns 9,791 shares of the company's stock valued at $792,000 after acquiring an additional 451 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in shares of Okeanis Eco Tankers during the third quarter valued at approximately $43,000. Samalin Investment Counsel LLC purchased a new stake in shares of Okeanis Eco Tankers during the third quarter valued at approximately $1,011,000. Finally, Inspire Investing LLC bought a new stake in Okeanis Eco Tankers during the third quarter worth $2,339,000.

About Okeanis Eco Tankers

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates oceangoing tankers. The company focuses primarily on the transportation of crude oil and refined petroleum products for energy companies, commodity traders and other customers in the global oil industry.

Its fleet consists mainly of large crude carriers, including very large crude carriers (VLCCs) and Suezmax tankers, as well as product tankers designed to transport refined petroleum products. Okeanis Eco Tankers emphasizes fuel efficiency and environmental performance through the use of modern vessels and technologies intended to reduce emissions and operating consumption.

Okeanis Eco Tankers was established in 2018 and is headquartered in Athens, Greece.

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