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

Key Points

• Okeanis Eco Tankers shares reached a new 52-week high, trading as high as $71.77 and last changing hands near $72.44, despite the average analyst price target of $59.52.
• The company reported strong quarterly results, with earnings per share of $5.91 versus the $4.61 consensus estimate and revenue of $268.14 million versus expectations of $220.28 million.
• Okeanis increased its quarterly dividend to $5.25 from $2.00, implying a 29.6% annualized yield, although its payout ratio rose to 195.9%; analyst sentiment remains “Moderate Buy,” with three Hold ratings among six analysts.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $71.77 and last traded at $72.4370, with a volume of 370213 shares changing hands. The stock had previously closed at $71.43.

Analysts Set New Price Targets

ECO has been the subject of a number of recent analyst reports. Clarkson Capital cut shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Pareto Securities cut 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 research report on Monday, May 25th. B. Riley Financial lifted their target price on shares of Okeanis Eco Tankers from $55.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 15th. Weiss Ratings lowered Okeanis Eco Tankers from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 25th. Finally, Wall Street Zen upgraded Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $59.52.

Okeanis Eco Tankers Stock Performance

The stock has a 50 day simple moving average of $60.13 and a two-hundred day simple moving average of $54.28. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 6.68 and a beta of -0.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.43 and a quick ratio of 4.13.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $5.91 earnings per share for the quarter, topping the consensus estimate of $4.61 by $1.30. The business had revenue of $268.14 million during 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%. As a group, analysts anticipate 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 disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were paid a $5.25 dividend. This is a boost from Okeanis Eco Tankers's previous quarterly dividend of $2.00. This represents a $21.00 annualized dividend and a yield of 29.6%. The ex-dividend date was Friday, August 14th. Okeanis Eco Tankers's payout ratio is currently 195.90%.

Insider Activity

In other news, Director Financial Lp Qvt sold 68,420 shares of Okeanis Eco Tankers stock in a transaction dated 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 owned 1,347,038 shares in the company, valued at approximately $80,808,809.62. The trade was a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ECO. State of Wyoming boosted its holdings in shares of 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 acquiring an additional 202 shares during the period. Triumph Capital Management increased 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 valued at $1,008,000 after acquiring an additional 312 shares during the period. Caitong International Asset Management Co. Ltd increased 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 acquiring an additional 532 shares during the period. Fifth Third Bancorp purchased a new stake in Okeanis Eco Tankers in the 1st quarter valued at $29,000. Finally, Quarry LP acquired a new stake in Okeanis Eco Tankers during the 3rd quarter worth $29,000.

About Okeanis Eco Tankers

Okeanis Eco Tankers Corp. is a Marshall Islands–incorporated, publicly traded shipping company specializing in the ownership and operation of eco-design product tankers. The company made its debut on the New York Stock Exchange under the ticker “ECO” in May 2019 following an initial public offering. It focuses on the acquisition of newbuilding medium-range (MR) and long-range (LR) product tankers designed to deliver enhanced fuel efficiency and reduced emissions.

As of its public listing, Okeanis Eco Tankers' fleet comprises twelve eco-efficient vessels built by Hyundai Samho Heavy Industries in South Korea.

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