Okeanis Eco Tankers (NYSE:ECO) Sets New 12-Month High - Here's What Happened

Key Points

• Okeanis Eco Tankers shares hit a new 52-week high, trading as high as $93.49 and recently up 5.5%, despite a consensus analyst rating of “Hold” and a $67.85 target price.
• The company reported stronger-than-expected quarterly results, with EPS of $5.91 versus estimates of $4.61 and revenue of $268.14 million versus the $220.28 million consensus.
• Okeanis increased its quarterly dividend to $5.25 per share, implying a 22.6% annualized yield, although its payout ratio reached 195.9%; B. Riley also raised its price target to $100 and maintained a Buy rating.

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) reached a new 52-week high during trading on Thursday. The stock traded as high as $93.49 and last traded at $93.55, with a volume of 64982 shares traded. The stock had previously closed at $88.04.

Analyst Ratings Changes

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

Okeanis Eco Tankers Trading Up 5.5%

The stock has a fifty day moving average of $71.52 and a 200-day moving average of $59.24. 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 market cap of $3.63 billion, a PE ratio of 8.65 and a beta of -0.19.

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

Okeanis Eco Tankers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were paid a dividend of $5.25 per share. This is an increase from Okeanis Eco Tankers's previous quarterly dividend of $2.00. This represents a $21.00 annualized dividend and a dividend yield of 22.6%. The ex-dividend date was Friday, August 14th. 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 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 value of $4,104,515.80. Following the completion of the sale, 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 this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. State of Wyoming grew its stake in Okeanis Eco Tankers by 2.6% in 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 during the last quarter. Triumph Capital Management lifted its position in shares of Okeanis Eco Tankers by 1.6% during the second quarter. Triumph Capital Management now owns 20,112 shares of the company's stock valued at $1,008,000 after buying an additional 312 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted 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 valued at $36,000 after buying an additional 532 shares in the last quarter. Fifth Third Bancorp bought a new stake in shares of Okeanis Eco Tankers in the 1st quarter valued at about $29,000. Finally, Energy Income Partners LLC grew its position 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 during 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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