Okeanis Eco Tankers (NYSE:ECO) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $35.86, but opened at $37.72. Okeanis Eco Tankers shares last traded at $38.2090, with a volume of 96,621 shares.

The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.48. The business had revenue of $59.95 million for the quarter, compared to analyst estimates of $51.29 million. Okeanis Eco Tankers had a net margin of 19.52% and a return on equity of 15.81%.

Okeanis Eco Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Tuesday, December 2nd will be issued a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $3.00 dividend on an annualized basis and a yield of 7.8%. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $0.70. Okeanis Eco Tankers’s payout ratio is presently 133.97%.

Analyst Upgrades and Downgrades

ECO has been the topic of a number of research analyst reports. Zacks Research downgraded shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Jefferies Financial Group initiated coverage on Okeanis Eco Tankers in a research report on Wednesday, July 23rd. They set a “buy” rating and a $29.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Okeanis Eco Tankers in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.50.

Institutional Trading of Okeanis Eco Tankers

Several hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP bought a new stake in Okeanis Eco Tankers in the 3rd quarter worth $344,000. State of Wyoming boosted its holdings in Okeanis Eco Tankers by 58.6% in the third quarter. State of Wyoming now owns 7,825 shares of the company’s stock valued at $229,000 after acquiring an additional 2,890 shares in the last quarter. SG Americas Securities LLC increased its position in Okeanis Eco Tankers by 5.4% during the 3rd quarter. SG Americas Securities LLC now owns 443,695 shares of the company’s stock valued at $12,987,000 after purchasing an additional 22,906 shares during the period. S.E.E.D. Planning Group LLC bought a new position in Okeanis Eco Tankers in the 3rd quarter worth $234,000. Finally, Semmax Financial Advisors Inc. lifted its position in shares of Okeanis Eco Tankers by 8.2% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 132,545 shares of the company’s stock worth $2,880,000 after purchasing an additional 10,016 shares during the period.

Okeanis Eco Tankers Price Performance

The company has a current ratio of 1.96, a quick ratio of 1.65 and a debt-to-equity ratio of 1.36. The business’s 50 day moving average price is $30.85 and its two-hundred day moving average price is $26.41. The stock has a market cap of $1.24 billion and a P/E ratio of 18.30.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp., a shipping company, owns and operates tanker vessels worldwide. It operates a fleet of 14 tanker vessels comprising six modern Suezmax tankers and eight modern VLCC tankers focusing on the transportation of crude oil. The company was incorporated in 2018 and is based in Neo Faliro, Greece.