Okeanis Eco Tankers (NYSE:ECO) Releases Quarterly Earnings Results, Beats Expectations By $1.30 EPS

Okeanis Eco Tankers (NYSE:ECO) issued its quarterly earnings results on Tuesday. The company reported $5.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.61 by $1.30, FiscalAI reports. Okeanis Eco Tankers had a net margin of 41.26% and a return on equity of 37.13%.

Okeanis Eco Tankers Price Performance

Okeanis Eco Tankers stock traded down $1.92 during trading hours on Tuesday, hitting $59.46. The stock had a trading volume of 990,187 shares, compared to its average volume of 479,617. 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 stock’s fifty day moving average is $53.19 and its two-hundred day moving average is $49.98. Okeanis Eco Tankers has a 1-year low of $23.82 and a 1-year high of $61.53. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 10.50 and a beta of -0.15.

Okeanis Eco Tankers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Thursday, May 28th were given a dividend of $2.00 per share. The ex-dividend date was Thursday, May 28th. This is a positive change from Okeanis Eco Tankers’s previous quarterly dividend of $1.55. This represents a $8.00 dividend on an annualized basis and a yield of 13.5%. Okeanis Eco Tankers’s dividend payout ratio (DPR) is presently 141.34%.

Hedge Funds Weigh In On Okeanis Eco Tankers

Several hedge funds have recently bought and sold shares of the stock. Invesco Ltd. purchased a new stake in Okeanis Eco Tankers during the 4th quarter worth about $664,000. Quadrature Capital Ltd purchased a new position in Okeanis Eco Tankers during the fourth quarter worth approximately $1,984,000. Numerai GP LLC purchased a new position in shares of Okeanis Eco Tankers in the 4th quarter worth $713,000. Millennium Management LLC raised its holdings in shares of Okeanis Eco Tankers by 647.5% in the 4th quarter. Millennium Management LLC now owns 124,109 shares of the company’s stock worth $4,200,000 after purchasing an additional 107,505 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in shares of Okeanis Eco Tankers in the 4th quarter valued at about $1,756,000.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ECO. Clarkson Capital lowered Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings restated a “hold (c+)” rating on shares of Okeanis Eco Tankers in a report on Thursday, June 18th. Wall Street Zen cut Okeanis Eco Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Zacks Research downgraded shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Pareto Securities downgraded Okeanis Eco Tankers from a “buy” rating to a “hold” rating and set a $57.50 target price on the stock. in a research note on Monday, May 25th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Okeanis Eco Tankers presently has an average rating of “Hold” and a consensus price target of $59.52.

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.