Okeanis Eco Tankers (NYSE:ECO) Lowered to Hold Rating by Zacks Research

Zacks Research downgraded shares of Okeanis Eco Tankers (NYSE:ECO) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. B. Riley Financial boosted their price objective on Okeanis Eco Tankers from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Okeanis Eco Tankers in a research report on Thursday, June 18th. Pareto Securities downgraded Okeanis Eco Tankers from a “buy” rating to a “hold” rating and set a $57.50 target price for the company. in a research report on Monday, May 25th. Wall Street Zen lowered Okeanis Eco Tankers from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, Clarkson Capital lowered shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Okeanis Eco Tankers currently has a consensus rating of “Hold” and a consensus price target of $51.89.

Okeanis Eco Tankers Price Performance

Shares of NYSE:ECO opened at $56.77 on Monday. Okeanis Eco Tankers has a one year low of $22.38 and a one year high of $58.45. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.70 and a quick ratio of 1.56. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 10.03 and a beta of -0.07. The firm has a 50 day simple moving average of $52.57 and a 200 day simple moving average of $47.77.

Okeanis Eco Tankers (NYSE:ECO) last posted its earnings results on Wednesday, May 13th. The company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.59. The firm had revenue of $170.16 million for the quarter, compared to analysts’ expectations of $134.02 million. Okeanis Eco Tankers had a net margin of 41.26% and a return on equity of 37.13%. Research analysts predict that Okeanis Eco Tankers will post 9.53 earnings per share for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Thursday, May 28th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 14.1%. The ex-dividend date was Thursday, May 28th. This is a positive change from Okeanis Eco Tankers’s previous quarterly dividend of $1.55. Okeanis Eco Tankers’s dividend payout ratio (DPR) is 141.34%.

Institutional Investors Weigh In On Okeanis Eco Tankers

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its stake in Okeanis Eco Tankers by 56.8% during the first quarter. Goldman Sachs Group Inc. now owns 150,568 shares of the company’s stock worth $3,328,000 after buying an additional 54,528 shares during the last quarter. Invesco Ltd. bought a new stake in Okeanis Eco Tankers during the second quarter valued at $613,000. 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 valued at $1,017,000 after acquiring an additional 5,558 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Okeanis Eco Tankers during the 2nd quarter worth about $25,000. Finally, Semmax Financial Advisors Inc. grew its holdings in Okeanis Eco Tankers by 8.2% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 132,545 shares of the company’s stock worth $2,880,000 after acquiring an additional 10,016 shares during the period.

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.