Okeanis Eco Tankers (NYSE:ECO) Sets New 12-Month High on Strong Earnings

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO) hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $44.19 and last traded at $44.0960, with a volume of 15632 shares changing hands. The stock had previously closed at $42.71.

The company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.30 by $0.48. Okeanis Eco Tankers had a net margin of 31.40% and a return on equity of 26.63%. The firm had revenue of $91.33 million for the quarter, compared to analyst estimates of $98.45 million.

Okeanis Eco Tankers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, March 3rd will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 12.6%. The ex-dividend date of this dividend is Tuesday, March 3rd. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $0.75. Okeanis Eco Tankers’s dividend payout ratio (DPR) is presently 125.52%.

Wall Street Analyst Weigh In

ECO has been the subject of a number of research reports. Clarkson Capital upgraded Okeanis Eco Tankers from a “neutral” rating to a “buy” rating and set a $46.05 price objective for the company in a research note on Tuesday, January 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Okeanis Eco Tankers in a report on Monday, December 29th. B. Riley Financial upped their price target on shares of Okeanis Eco Tankers from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Friday. Wall Street Zen raised shares of Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a research report on Saturday, November 15th. Finally, Zacks Research lowered shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.35.

Hedge Funds Weigh In On Okeanis Eco Tankers

Several institutional investors and hedge funds have recently added to or reduced their stakes in ECO. Goldman Sachs Group Inc. raised its stake in shares of Okeanis Eco Tankers by 56.8% during the 1st 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 in the last quarter. SG Americas Securities LLC grew its holdings in Okeanis Eco Tankers by 108.2% during the second quarter. SG Americas Securities LLC now owns 420,789 shares of the company’s stock worth $9,144,000 after acquiring an additional 218,717 shares during the period. Invesco Ltd. purchased a new position in Okeanis Eco Tankers in the second quarter worth $613,000. Lighthouse Investment Partners LLC raised its position in Okeanis Eco Tankers by 13.5% in the second quarter. Lighthouse Investment Partners LLC now owns 46,816 shares of the company’s stock worth $1,017,000 after acquiring an additional 5,558 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in Okeanis Eco Tankers in the second quarter valued at $25,000.

Okeanis Eco Tankers Stock Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.69 and a current ratio of 3.41. The firm’s 50-day simple moving average is $38.18 and its 200 day simple moving average is $33.61.

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.