Okeanis Eco Tankers (NYSE:ECO) Reaches New 1-Year High – Here’s What Happened

Okeanis Eco Tankers Corp. (NYSE:ECO)’s stock price hit a new 52-week high on Monday . The company traded as high as $76.21 and last traded at $75.4130, with a volume of 35399 shares trading hands. The stock had previously closed at $76.15.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Zacks Research raised Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Weiss Ratings upgraded shares of Okeanis Eco Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Wall Street Zen raised shares of Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Pareto Securities cut shares of 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. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Okeanis Eco Tankers has a consensus rating of “Moderate Buy” and an average target price of $59.52.

Okeanis Eco Tankers Trading Down 1.8%

The company has a 50-day simple moving average of $61.81 and a 200-day simple moving average of $54.98. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.13 and a current ratio of 4.43. The stock has a market cap of $2.92 billion, a P/E ratio of 7.03 and a beta of -0.11.

Okeanis Eco Tankers (NYSE:ECO) last announced its earnings results on Wednesday, August 5th. The company reported $5.91 EPS for the quarter, topping the consensus estimate of $4.61 by $1.30. Okeanis Eco Tankers had a return on equity of 62.06% and a net margin of 56.92%.The company had revenue of $268.14 million for the quarter, compared to analysts’ expectations of $220.28 million. On average, sell-side analysts forecast that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were given a dividend of $5.25 per share. This is a positive change from Okeanis Eco Tankers’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 14th. This represents a $21.00 annualized dividend and a yield of 28.1%. Okeanis Eco Tankers’s dividend payout ratio is currently 195.90%.

Insider Buying and Selling

In other Okeanis Eco Tankers news, Director Financial Lp Qvt sold 68,420 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $59.99, for a total transaction of $4,104,515.80. Following the sale, the director owned 1,347,038 shares of the company’s stock, valued at $80,808,809.62. This represents a 4.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Okeanis Eco Tankers

A number of large investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its holdings in shares of 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 purchasing an additional 54,528 shares in the last quarter. Invesco Ltd. acquired a new position in Okeanis Eco Tankers during the 2nd quarter worth $613,000. Lighthouse Investment Partners LLC boosted its position in Okeanis Eco Tankers by 13.5% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 46,816 shares of the company’s stock valued at $1,017,000 after buying an additional 5,558 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Okeanis Eco Tankers in the 2nd quarter valued at $25,000. Finally, Semmax Financial Advisors Inc. increased its stake in shares of Okeanis Eco Tankers by 8.2% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 132,545 shares of the company’s stock valued at $2,880,000 after buying an additional 10,016 shares during the period.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates a fleet of oceangoing tankers. The company primarily transports crude oil and refined petroleum products for energy companies, commodity traders and other commercial customers in international markets.

Its fleet is focused on large, modern and fuel-efficient vessels, including very large crude carriers (VLCCs), Suezmax crude oil tankers and large range 2 (LR2) product tankers. The company emphasizes environmentally efficient vessel designs and operational practices intended to reduce fuel consumption and emissions while serving global seaborne energy trade.

Okeanis Eco Tankers was established in 2018 and became publicly listed on the New York Stock Exchange in 2019 under the symbol ECO.