Okeanis Eco Tankers (NYSE:ECO) Shares Gap Down - Should You Sell?

Key Points

• Okeanis Eco Tankers shares fell 4.8%, opening at $77.83 versus a prior close of $82.63. Despite the decline, analysts maintain a “Moderate Buy” consensus, with an average price target of $59.52.
• The company reported strong quarterly results, posting $5.91 in EPS and $268.14 million in revenue, both ahead of analyst expectations.
• Okeanis increased its quarterly dividend to $5.25, equivalent to an annualized $21.00 payout and a 26.7% yield; however, its payout ratio is elevated at 195.9%.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $82.63, but opened at $77.83. Okeanis Eco Tankers shares last traded at $77.9580, with a volume of 652,672 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ECO. Pareto Securities cut shares of Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 price target on the stock. in a research report on Monday, May 25th. Wall Street Zen upgraded shares of 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 research note on Wednesday, September 9th. Finally, Zacks Research upgraded Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.52.

Okeanis Eco Tankers Trading Down 4.8%

The business has a 50 day moving average of $65.38 and a 200-day moving average of $56.27. The company has a current ratio of 4.43, a quick ratio of 4.13 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $3.07 billion, a P/E ratio of 7.28 and a beta of -0.11.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share for the quarter, beating analysts' consensus estimates of $4.61 by $1.30. The firm had revenue of $268.14 million for the quarter, compared to analyst estimates of $220.28 million. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. 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 announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were given a $5.25 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $21.00 dividend on an annualized basis and a yield of 26.7%. 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

In other news, Director Financial Lp Qvt sold 68,420 shares of the business's stock in a transaction on 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 sale, the director owned 1,347,038 shares of the company's stock, valued at $80,808,809.62. The trade was a 4.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ECO. Encompass Capital Advisors LLC bought a new position in shares of Okeanis Eco Tankers in the 4th quarter valued at about $27,416,000. Fearnley Asset Management AS acquired a new stake in Okeanis Eco Tankers during the 4th quarter valued at $18,696,000. Bank of America Corp DE boosted its position 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 worth $14,079,000 after purchasing an additional 136,782 shares during the period. Walleye Capital LLC increased its holdings in shares of Okeanis Eco Tankers by 71.9% in 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 last quarter. Finally, Militia Capital Management LLC acquired a new position in shares of Okeanis Eco Tankers in 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 oceangoing tankers. The company primarily transports crude oil and refined petroleum products for energy companies, commodity traders and other commercial customers in international markets.

Its fleet is focused on large, modern and fuel-efficient vessels, including very large crude carriers (VLCCs), Suezmax crude oil tankers and large range 2 (LR2) product tankers. The company emphasizes environmentally efficient vessel designs and operational practices intended to reduce fuel consumption and emissions while serving global seaborne energy trade.

Okeanis Eco Tankers was established in 2018 and became publicly listed on the New York Stock Exchange in 2019 under the symbol ECO.

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