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

Okeanis Eco Tankers Corp. (NYSE:ECO) shares reached a new 52-week high on Monday . The stock traded as high as $57.29 and last traded at $54.7660, with a volume of 572665 shares changing hands. The stock had previously closed at $54.05.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ECO. Weiss Ratings reiterated a “hold (c+)” rating on shares of Okeanis Eco Tankers in a research note on Monday, December 29th. Wall Street Zen upgraded Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a research note on Saturday, November 15th. B. Riley Financial increased their price objective on Okeanis Eco Tankers from $45.00 to $55.00 and gave the company a “buy” rating in a report on Friday, February 20th. UBS Group lowered Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Finally, Zacks Research upgraded Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.35.

Okeanis Eco Tankers Stock Performance

The company has a quick ratio of 3.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $1.79 billion, a PE ratio of 14.82 and a beta of 0.04. The company has a 50-day moving average price of $39.95 and a two-hundred day moving average price of $34.71.

Okeanis Eco Tankers (NYSE:ECO) last issued its earnings results on Wednesday, February 18th. The company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.30 by $0.48. Okeanis Eco Tankers had a return on equity of 26.63% and a net margin of 31.40%.The business had revenue of $91.33 million during the quarter, compared to the consensus estimate of $98.45 million. Analysts predict that Okeanis Eco Tankers Corp. will post 1.34 EPS for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, March 3rd will be paid a $1.55 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $6.20 annualized dividend and a yield of 11.1%. This is a boost from Okeanis Eco Tankers’s previous quarterly dividend of $0.75. Okeanis Eco Tankers’s dividend payout ratio is currently 165.78%.

Institutional Investors Weigh In On Okeanis Eco Tankers

Several large investors have recently added to or reduced their stakes in ECO. Invesco Ltd. purchased a new position in Okeanis Eco Tankers during the fourth quarter worth about $664,000. Quadrature Capital Ltd bought a new position in shares of Okeanis Eco Tankers in the fourth quarter worth approximately $1,984,000. Numerai GP LLC purchased a new stake in Okeanis Eco Tankers in the fourth quarter valued at approximately $713,000. Millennium Management LLC raised its stake in Okeanis Eco Tankers by 647.5% in the fourth quarter. Millennium Management LLC now owns 124,109 shares of the company’s stock valued at $4,200,000 after purchasing an additional 107,505 shares in the last quarter. Finally, Encompass Capital Advisors LLC bought a new stake in Okeanis Eco Tankers during the fourth quarter valued at approximately $27,416,000.

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.