Okeanis Eco Tankers (NYSE:ECO) Posts Quarterly Earnings Results, Beats Estimates By $0.48 EPS

Okeanis Eco Tankers (NYSE:ECO) announced its quarterly earnings data on Wednesday. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.48, Zacks reports. Okeanis Eco Tankers had a return on equity of 15.81% and a net margin of 19.52%.The company had revenue of $59.95 million for the quarter, compared to the consensus estimate of $51.29 million.

Okeanis Eco Tankers Stock Performance

Shares of NYSE ECO traded down $0.69 during midday trading on Friday, reaching $38.31. The company’s stock had a trading volume of 308,935 shares, compared to its average volume of 169,348. The stock has a market capitalization of $1.23 billion and a P/E ratio of 18.33. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.96 and a quick ratio of 1.65. The firm has a 50 day moving average price of $31.08 and a 200-day moving average price of $26.50. Okeanis Eco Tankers has a 12-month low of $17.91 and a 12-month high of $39.77.

Okeanis Eco Tankers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Tuesday, December 2nd will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 7.8%. This is a boost from Okeanis Eco Tankers’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, December 2nd. Okeanis Eco Tankers’s dividend payout ratio is presently 133.97%.

Institutional Investors Weigh In On Okeanis Eco Tankers

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new position in Okeanis Eco Tankers during the second quarter valued at $25,000. State of Wyoming purchased a new stake in Okeanis Eco Tankers in the 2nd quarter worth about $107,000. Arrowstreet Capital Limited Partnership purchased a new stake in Okeanis Eco Tankers in the 3rd quarter worth about $394,000. Invesco Ltd. purchased a new stake in Okeanis Eco Tankers during the second quarter valued at about $613,000. Finally, Lighthouse Investment Partners LLC boosted its position in Okeanis Eco Tankers by 13.5% during the second quarter. Lighthouse Investment Partners LLC now owns 46,816 shares of the company’s stock worth $1,017,000 after purchasing an additional 5,558 shares during the period.

Analyst Ratings Changes

Several brokerages have issued reports on ECO. Weiss Ratings reissued a “hold (c)” rating on shares of Okeanis Eco Tankers in a research note on Wednesday, October 8th. Zacks Research downgraded shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. UBS Group cut shares of Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a report on Friday. B. Riley upped their price objective on shares of Okeanis Eco Tankers from $35.00 to $45.00 and gave the company a “buy” rating in a report on Friday. Finally, Jefferies Financial Group initiated coverage on shares of 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. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $37.00.

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.