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

Key Points

• Okeanis Eco Tankers reached a new 52-week high, trading as high as $100.68 and recently changing hands near $99.48, up 0.9%.
• Analyst sentiment remains mixed: B. Riley raised its price target to $100 with a Buy rating, while the broader consensus is Hold with a $67.85 target.
• The company reported stronger-than-expected quarterly results, including $5.91 in EPS and $268.14 million in revenue, and sharply increased its dividend to $5.25 per share quarterly—an annualized yield of about 21.1%.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday. The stock traded as high as $100.68 and last traded at $99.4790, with a volume of 868,097 shares. The stock had previously closed at $98.63.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ECO shares. Zacks Research lowered Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Weiss Ratings raised Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research report 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, B. Riley Financial increased their price target on Okeanis Eco Tankers from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, October 5th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $67.85.

Okeanis Eco Tankers Stock Up 0.9%

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 company has a market capitalization of $3.88 billion, a PE ratio of 9.14 and a beta of -0.19. The stock has a 50-day moving average of $74.42 and a 200 day moving average of $60.59.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $268.14 million for the quarter, compared to analyst estimates of $220.28 million. Sell-side analysts anticipate that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were given a dividend of $5.25 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $21.00 annualized dividend and a dividend yield of 21.1%. This is a boost from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's payout ratio is 195.90%.

Insider Activity at Okeanis Eco Tankers

In other news, Director Financial Lp Qvt sold 68,420 shares of Okeanis Eco Tankers 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 sale, the director directly owned 1,347,038 shares in the company, valued at $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 is available at this hyperlink.

Hedge Funds Weigh In On Okeanis Eco Tankers

Institutional investors have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC purchased a new stake in shares of Okeanis Eco Tankers during the 4th quarter worth approximately $27,416,000. Fearnley Asset Management AS bought a new stake in shares of Okeanis Eco Tankers in the 4th quarter worth approximately $18,696,000. Bank of America Corp DE grew its holdings in 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 valued at $14,079,000 after purchasing an additional 136,782 shares during the period. Walleye Capital LLC grew its holdings in Okeanis Eco Tankers by 71.9% during the first quarter. Walleye Capital LLC now owns 177,417 shares of the company's stock valued at $8,976,000 after purchasing an additional 74,231 shares during the period. Finally, Militia Capital Management LLC bought a new position in Okeanis Eco Tankers during the first quarter valued at $3,541,000.

About Okeanis Eco Tankers

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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