Okeanis Eco Tankers (NYSE:ECO) Sets New 52-Week High – Here’s Why

Okeanis Eco Tankers Corp. (NYSE:ECO) reached a new 52-week high on Thursday . The company traded as high as $66.79 and last traded at $66.08, with a volume of 287499 shares changing hands. The stock had previously closed at $62.28.

Analyst Ratings Changes

ECO has been the topic of several recent research reports. Clarkson Capital downgraded Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Wall Street Zen raised Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings downgraded Okeanis Eco Tankers from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday. Pareto Securities lowered Okeanis Eco Tankers from a “buy” rating to a “hold” rating and set a $57.50 price objective on the stock. in a research note on Monday, May 25th. Finally, Zacks Research upgraded Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.52.

Okeanis Eco Tankers Trading Up 0.8%

The business has a 50 day moving average of $58.14 and a two-hundred day moving average of $53.04. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 6.24 and a beta of -0.15. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.13 and a current ratio of 4.43.

Okeanis Eco Tankers (NYSE:ECO) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.61 by $1.30. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. The business had revenue of $268.14 million during the quarter, compared to the consensus estimate of $220.28 million. Equities analysts predict that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were issued a dividend of $5.25 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $21.00 dividend on an annualized basis and a yield of 31.4%. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $2.00. Okeanis Eco Tankers’s dividend payout ratio is presently 195.90%.

Insider Buying and Selling

In other news, Director Financial Lp Qvt sold 68,420 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $59.99, for a total value of $4,104,515.80. Following the completion of the sale, the director directly owned 1,347,038 shares of the company’s stock, valued at $80,808,809.62. This represents a 4.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp purchased a new stake in Okeanis Eco Tankers in the 1st quarter valued at $29,000. Quarry LP bought a new position in Okeanis Eco Tankers during the 3rd quarter valued at $29,000. Caitong International Asset Management Co. Ltd boosted its holdings in Okeanis Eco Tankers by 102.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,052 shares of the company’s stock worth $36,000 after acquiring an additional 532 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Okeanis Eco Tankers during the 2nd quarter worth $25,000. Finally, Royal Bank of Canada boosted its holdings in Okeanis Eco Tankers by 29,762.5% during the 1st quarter. Royal Bank of Canada now owns 2,389 shares of the company’s stock worth $121,000 after acquiring an additional 2,381 shares during the last quarter.

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.