Okeanis Eco Tankers (NYSE:ECO) Announces Earnings Results

Okeanis Eco Tankers (NYSE:ECO) issued its earnings results on Wednesday. The company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.59, FiscalAI reports. Okeanis Eco Tankers had a net margin of 31.40% and a return on equity of 26.63%. The business had revenue of $170.17 million for the quarter, compared to analysts’ expectations of $134.02 million.

Okeanis Eco Tankers Price Performance

Shares of Okeanis Eco Tankers stock traded down $2.14 during trading on Wednesday, hitting $54.51. The stock had a trading volume of 921,967 shares, compared to its average volume of 362,711. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 14.58 and a beta of 0.09. Okeanis Eco Tankers has a 12 month low of $21.27 and a 12 month high of $58.45. The business’s 50-day moving average is $50.71 and its 200 day moving average is $42.62. The company has a current ratio of 1.50, a quick ratio of 1.39 and a debt-to-equity ratio of 0.82.

Okeanis Eco Tankers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, March 3rd were issued a $1.55 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $0.75. This represents a $6.20 annualized dividend and a dividend yield of 11.4%. Okeanis Eco Tankers’s payout ratio is currently 165.78%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in Okeanis Eco Tankers by 56.8% in the first quarter. Goldman Sachs Group Inc. now owns 150,568 shares of the company’s stock valued at $3,328,000 after acquiring an additional 54,528 shares during the last quarter. Invesco Ltd. bought a new position in Okeanis Eco Tankers in the second quarter valued at $613,000. Lighthouse Investment Partners LLC increased its stake in Okeanis Eco Tankers by 13.5% in the second quarter. Lighthouse Investment Partners LLC now owns 46,816 shares of the company’s stock valued at $1,017,000 after acquiring an additional 5,558 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Okeanis Eco Tankers in the second quarter valued at $25,000. Finally, Semmax Financial Advisors Inc. increased its stake in Okeanis Eco Tankers by 8.2% in the second quarter. Semmax Financial Advisors Inc. now owns 132,545 shares of the company’s stock valued at $2,880,000 after acquiring an additional 10,016 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ECO shares. B. Riley Financial boosted their target price on shares of Okeanis Eco Tankers from $45.00 to $55.00 and gave the company a “buy” rating in a report on Friday, February 20th. Weiss Ratings cut shares of Okeanis Eco Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, March 25th. Zacks Research cut shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Clarkson Capital raised shares of Okeanis Eco Tankers from a “neutral” rating to a “buy” rating and set a $46.05 target price on the stock in a report on Tuesday, January 27th. Finally, Wall Street Zen raised shares of Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a report on Sunday, March 29th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.35.

About Okeanis Eco Tankers

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.