Okeanis Eco Tankers (NYSE:ECO) Stock Price Down 4.4% - Here's Why

Key Points

• Shares fell 4.4% to about $62.18, with trading volume 74% below the daily average. Recent analyst opinions were mixed, leaving the stock with a “Moderate Buy” consensus and an average price target of $59.52.
• Okeanis Eco Tankers reported strong quarterly results, with EPS of $5.91 versus the $4.61 estimate and revenue of $268.14 million compared with expectations of $220.28 million.
• The company sharply increased its quarterly dividend to $5.25 per share, implying a $21 annualized payout and a 33.6% yield, although its payout ratio rose to 195.9%.

Okeanis Eco Tankers Corp. (NYSE:ECO - Get Free Report)'s stock price was down 4.4% during trading on Wednesday . The stock traded as low as $62.55 and last traded at $62.1750. Approximately 126,585 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 489,490 shares. The stock had previously closed at $65.04.

Analyst Ratings Changes

Several analysts recently commented on the company. Pareto Securities cut Okeanis Eco Tankers from a "buy" rating to a "hold" rating and set a $57.50 target price on the stock. in a research report on Monday, May 25th. Wall Street Zen upgraded Okeanis Eco Tankers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Clarkson Capital cut Okeanis Eco Tankers from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Weiss Ratings raised Okeanis Eco Tankers from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, August 6th. Finally, Zacks Research upgraded shares of Okeanis Eco Tankers from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.52.

Okeanis Eco Tankers Stock Down 3.9%

The company has a quick ratio of 4.13, a current ratio of 4.43 and a debt-to-equity ratio of 0.76. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 5.83 and a beta of -0.15. The stock's 50 day moving average is $57.35 and its 200 day moving average is $52.59.

Okeanis Eco Tankers (NYSE:ECO - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $5.91 EPS for the quarter, topping the consensus estimate of $4.61 by $1.30. The firm had revenue of $268.14 million for the quarter, compared to analysts' expectations of $220.28 million. Okeanis Eco Tankers had a return on equity of 62.06% and a net margin of 56.92%. Analysts forecast that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were paid 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 dividend yield of 33.6%. This is a boost from Okeanis Eco Tankers's previous quarterly dividend of $2.00. Okeanis Eco Tankers's dividend payout ratio (DPR) is presently 195.90%.

Insider Buying and Selling at Okeanis Eco Tankers

In related news, Director Financial Lp Qvt sold 68,420 shares of the firm's 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 completion of the transaction, the director owned 1,347,038 shares of the company's stock, valued at $80,808,809.62. This trade represents a 4.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On Okeanis Eco Tankers

Several hedge funds and other institutional investors have recently bought and sold shares of ECO. Encompass Capital Advisors LLC acquired a new position in shares of Okeanis Eco Tankers in the 4th quarter worth approximately $27,416,000. FIL Ltd lifted its stake in Okeanis Eco Tankers by 17.2% during the fourth quarter. FIL Ltd now owns 574,182 shares of the company's stock valued at $19,339,000 after purchasing an additional 84,130 shares during the last quarter. Fearnley Asset Management AS acquired a new stake in Okeanis Eco Tankers during the fourth quarter valued at approximately $18,696,000. Marshall Wace LLP bought a new stake in Okeanis Eco Tankers during the fourth quarter worth approximately $10,911,000. Finally, Bank of America Corp DE boosted its holdings 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 buying an additional 136,782 shares in the last quarter.

Okeanis Eco Tankers Company Profile

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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