Okeanis Eco Tankers (NYSE:ECO) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Okeanis Eco Tankers shares moved above their 50-day moving average of $85.59, trading as high as $86.24 and last at about $85.60. The 200-day average was $60.72.
• The company reported quarterly EPS of $7.67, beating the $4.73 consensus estimate; revenue was $501.5 million versus analysts’ $220.83 million estimate.
• Analyst views remain mixed: MarketBeat’s consensus rating is Hold, with an average price target of $67.85, though B. Riley raised its target to $100 and rated the stock Buy.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report)'s stock price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $85.59 and traded as high as $86.24. Okeanis Eco Tankers shares last traded at $85.6010, with a volume of 854,661 shares.

Analysts Set New Price Targets

ECO has been the topic of a number of recent research reports. Weiss Ratings raised Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, September 9th. Zacks Research downgraded Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Wall Street Zen raised Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Finally, B. Riley Financial upped their price target on Okeanis Eco Tankers from $75.00 to $100.00 and gave the stock 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $67.85.

Okeanis Eco Tankers Stock Performance

The company has a market cap of $3.34 billion, a P/E ratio of 7.99 and a beta of -0.32. The business's 50 day simple moving average is $85.59 and its 200 day simple moving average is $60.72. The company has a current ratio of 4.43, a quick ratio of 4.13 and a debt-to-equity ratio of 0.76.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last issued its quarterly earnings results on Wednesday, November 11th. The company reported $7.67 earnings per share for the quarter, beating the consensus estimate of $4.73 by $2.94. The business had revenue of $501.50 million for the quarter, compared to the consensus estimate of $220.83 million. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. Sell-side analysts predict that Okeanis Eco Tankers Corp. will post 15.33 earnings per share for the current fiscal year.

Insider Activity at Okeanis Eco Tankers

In other news, Director Financial Lp Qvt sold 68,420 shares of the firm's stock in a transaction on Friday, August 14th. The shares were 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. This trade represents a 4.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Private Advisor Group LLC bought a new stake in Okeanis Eco Tankers during the third quarter valued at about $1,594,000. Global Retirement Partners LLC bought a new position in shares of Okeanis Eco Tankers in the 3rd quarter valued at about $25,000. HighTower Advisors LLC bought a new position in shares of Okeanis Eco Tankers in the 3rd quarter valued at about $347,000. Ritholtz Wealth Management purchased a new position in shares of Okeanis Eco Tankers in the 3rd quarter worth approximately $398,000. Finally, M Holdings Securities Inc. purchased a new position in Okeanis Eco Tankers during the third quarter worth $295,000.

About Okeanis Eco Tankers

Okeanis Eco Tankers Corp. is a Greece-based shipping company that owns and operates crude oil tankers. Its fleet includes very large crude carriers (VLCCs) and Suezmax vessels, which transport crude oil between production regions and markets around the world. The company provides seaborne transportation services to energy companies and commodity traders, deploying its vessels through spot-market voyages and charter arrangements. Its ships are designed to meet modern efficiency and environmental standards.

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