Okeanis Eco Tankers (NYSE:ECO) Shares Gap Up - Here's Why

Key Points

• Okeanis Eco Tankers shares surged: The stock opened at $98.24 after closing at $92.91 and last traded near $99.17.
• Strong quarterly results supported the move: The company reported $5.91 in quarterly EPS versus $4.61 expected and revenue of $268.14 million, ahead of the $220.28 million consensus estimate.
• Analyst sentiment remains mixed: B. Riley raised its price target to $100, but the broader consensus rating is “Hold” with a $67.85 target price. The company also sharply increased its quarterly dividend to $5.25, implying a 21.3% annualized yield.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report) gapped up prior to trading on Wednesday. The stock had previously closed at $92.91, but opened at $98.24. Okeanis Eco Tankers shares last traded at $99.1710, with a volume of 614,153 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ECO. Weiss Ratings upgraded shares of Okeanis Eco Tankers from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, September 9th. Wall Street Zen raised shares of Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Zacks Research cut shares of Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Finally, B. Riley Financial lifted their price objective on shares of Okeanis Eco Tankers from $75.00 to $100.00 and gave the company a "buy" rating in a report on Monday, October 5th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $67.85.

Okeanis Eco Tankers Stock Performance

The company has a 50-day moving average of $80.20 and a 200-day moving average of $57.93. The company has a market cap of $3.84 billion, a PE ratio of 9.18 and a beta of -0.19. The company has a quick ratio of 4.13, a current ratio of 4.43 and a debt-to-equity ratio of 0.76.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 EPS for the quarter, beating analysts' consensus estimates of $4.61 by $1.30. Okeanis Eco Tankers had a return on equity of 62.06% and a net margin of 56.92%. The business had revenue of $268.14 million during the quarter, compared to analyst estimates of $220.28 million. 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 company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were paid a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 21.3%. The ex-dividend date was Friday, August 14th. This is a positive change from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's dividend payout ratio (DPR) is currently 195.90%.

Insiders Place Their Bets

In other Okeanis Eco Tankers news, Director Financial Lp Qvt sold 68,420 shares of the company'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 directly 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Institutional Investors Weigh In On Okeanis Eco Tankers

Several institutional investors and hedge funds have recently added to or reduced their stakes in ECO. Financial Management Professionals Inc. purchased a new position in shares of Okeanis Eco Tankers in the 3rd quarter worth approximately $43,000. Fifth Third Bancorp purchased a new stake in shares of Okeanis Eco Tankers during the first quarter valued at approximately $29,000. SBI Securities Co. Ltd. increased its position in shares of Okeanis Eco Tankers by 48,800.0% during the third quarter. SBI Securities Co. Ltd. now owns 978 shares of the company's stock valued at $79,000 after acquiring an additional 976 shares during the last quarter. Royal Bank of Canada increased its position in shares of Okeanis Eco Tankers by 29,762.5% during the first quarter. Royal Bank of Canada now owns 2,389 shares of the company's stock valued at $121,000 after acquiring an additional 2,381 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Okeanis Eco Tankers during the second quarter worth $137,000.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates oceangoing tankers. The company focuses primarily on the transportation of crude oil and refined petroleum products for energy companies, commodity traders and other customers in the global oil industry.

Its fleet consists mainly of large crude carriers, including very large crude carriers (VLCCs) and Suezmax tankers, as well as product tankers designed to transport refined petroleum products. Okeanis Eco Tankers emphasizes fuel efficiency and environmental performance through the use of modern vessels and technologies intended to reduce emissions and operating consumption.

Okeanis Eco Tankers was established in 2018 and is headquartered in Athens, Greece.

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