Okeanis Eco Tankers (NYSE:ECO) Shares Gap Up – Here’s Why

Okeanis Eco Tankers Corp. (NYSE:ECO) shares gapped up prior to trading on Wednesday. The stock had previously closed at $92.91, but opened at $98.24. Okeanis Eco Tankers shares last traded at $99.1710, with a volume of 614,153 shares traded.

Wall Street Analysts Forecast Growth

ECO has been the subject of a number of analyst reports. 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. Weiss Ratings raised shares of Okeanis Eco Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, September 9th. B. Riley Financial lifted their price objective on shares of Okeanis Eco Tankers from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Finally, Zacks Research cut Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Okeanis Eco Tankers currently has a consensus rating of “Hold” and a consensus price target of $67.85.

Okeanis Eco Tankers Stock Performance

The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 9.44 and a beta of -0.19. 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 fifty day simple moving average of $81.69 and a two-hundred day simple moving average of $58.55.

Okeanis Eco Tankers (NYSE:ECO) last posted its earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $268.14 million for the quarter, compared to analyst estimates of $220.28 million. Analysts expect that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were paid a $5.25 dividend. The ex-dividend date was Friday, August 14th. This is a positive change from Okeanis Eco Tankers’s previous quarterly dividend of $2.00. This represents a $21.00 annualized dividend and a dividend yield of 20.7%. Okeanis Eco Tankers’s dividend payout ratio is 195.90%.

Insider Activity

In other Okeanis Eco Tankers news, Director Financial Lp Qvt sold 68,420 shares of Okeanis Eco Tankers stock in a transaction that occurred on 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 completion of the sale, the director directly owned 1,347,038 shares in the company, valued at $80,808,809.62. The trade was 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.

Hedge Funds Weigh In On Okeanis Eco Tankers

Several hedge funds and other institutional investors have recently modified their holdings of ECO. Bank of America Corp DE raised its stake in shares of Okeanis Eco Tankers by 96.7% in the first quarter. Bank of America Corp DE now owns 278,305 shares of the company’s stock worth $14,079,000 after purchasing an additional 136,782 shares during the last quarter. Walleye Capital LLC lifted its stake in shares of Okeanis Eco Tankers by 71.9% during the 1st quarter. Walleye Capital LLC now owns 177,417 shares of the company’s stock valued at $8,976,000 after buying an additional 74,231 shares in the last quarter. Militia Capital Management LLC bought a new stake in Okeanis Eco Tankers during the 1st quarter valued at approximately $3,541,000. Energy Income Partners LLC lifted its stake in Okeanis Eco Tankers by 3.4% in the 1st quarter. Energy Income Partners LLC now owns 69,118 shares of the company’s stock worth $3,497,000 after purchasing an additional 2,250 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new stake in Okeanis Eco Tankers during the first quarter valued at $2,185,000.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates oceangoing tankers. The company focuses primarily on the transportation of crude oil and refined petroleum products for energy companies, commodity traders and other customers in the global oil industry.

Its fleet consists mainly of large crude carriers, including very large crude carriers (VLCCs) and Suezmax tankers, as well as product tankers designed to transport refined petroleum products. Okeanis Eco Tankers emphasizes fuel efficiency and environmental performance through the use of modern vessels and technologies intended to reduce emissions and operating consumption.

Okeanis Eco Tankers was established in 2018 and is headquartered in Athens, Greece.