Okeanis Eco Tankers (NYSE:ECO) Sets New 12-Month High - Time to Buy?

Key Points

• Okeanis Eco Tankers shares reached a new 52-week high of $68.51 and last traded at $67.93, up 1.8%, despite the consensus price target of $59.52.
• The company significantly beat quarterly expectations, reporting EPS of $5.91 versus $4.61 expected and revenue of $268.14 million versus $220.28 million. Analysts currently hold a “Moderate Buy” consensus rating.
• Okeanis raised its quarterly dividend to $5.25, equivalent to a 30.9% annualized yield, though its payout ratio is elevated at 195.9%; an insider also sold approximately $4.1 million in shares.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $68.51 and last traded at $67.93, with a volume of 443917 shares changing hands. The stock had previously closed at $66.74.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wall Street Zen upgraded Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Zacks Research upgraded Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 11th. B. Riley Financial lifted their price target on 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 downgraded shares of Okeanis Eco Tankers from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 25th. Finally, Pareto Securities lowered shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price target for the company. in a research note on Monday, May 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.52.

Okeanis Eco Tankers Stock Up 1.8%

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 capitalization of $2.65 billion, a price-to-earnings ratio of 6.34 and a beta of -0.11. The stock's fifty day simple moving average is $58.61 and its two-hundred day simple moving average is $53.49.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last announced its quarterly earnings data 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 net margin of 56.92% and a return on equity of 62.06%. The company had revenue of $268.14 million for the quarter, compared to analysts' expectations of $220.28 million. On average, 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 declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were given a $5.25 dividend. This represents a $21.00 annualized dividend and a yield of 30.9%. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 14th. Okeanis Eco Tankers's dividend payout ratio (DPR) is presently 195.90%.

Insider Activity

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

Hedge Funds Weigh In On Okeanis Eco Tankers

A number of hedge funds have recently modified their holdings of ECO. Bank of America Corp DE boosted its position in shares of Okeanis Eco Tankers by 96.7% in the 1st 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. Militia Capital Management LLC acquired a new stake in Okeanis Eco Tankers during the 1st quarter worth about $3,541,000. Cetera Investment Advisers acquired a new stake in Okeanis Eco Tankers during the 1st quarter worth about $2,185,000. Navellier & Associates Inc. purchased a new stake in Okeanis Eco Tankers during the fourth quarter valued at about $631,000. Finally, Walleye Capital LLC lifted its stake 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 buying an additional 74,231 shares in the last quarter.

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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