Okeanis Eco Tankers (NYSE:ECO) Stock Price Breaks Above 50-Day Moving Average – What’s Next?

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $85.59 and traded as high as $86.24. Okeanis Eco Tankers shares last traded at $85.6010, with a volume of 854,661 shares trading hands.

Key Headlines Impacting Okeanis Eco Tankers

Here are a few of the latest headlines about ECO:

• Positive Sentiment: Okeanis reported third-quarter EPS of $7.67, well above analyst expectations, and declared a $7-per-share quarterly dividend, up 33.3% from the prior payout. The results and higher distribution reinforce the company’s ability to generate substantial cash in a strong tanker market. Article: Okeanis rolls out record dividend as earnings rocket past Wall Street estimates
• Positive Sentiment: The company said it has covered 71% of fourth-quarter fleet days at an average of $420,000 per day, providing strong near-term revenue visibility. Article: Okeanis outlines Q4 coverage
• Positive Sentiment: B. Riley raised its price target to $120 from $100 and maintained a Buy rating, signaling continued analyst confidence in ECO’s prospects. Article: B. Riley stock recommendations

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Zacks Research cut Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Weiss Ratings raised Okeanis Eco Tankers from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, September 9th. Wall Street Zen raised shares of Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, B. Riley Financial boosted their target price on shares of Okeanis Eco Tankers from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $74.52.

Okeanis Eco Tankers Price Performance

The company has a current ratio of 4.43, a quick ratio of 4.13 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $3.47 billion, a P/E ratio of 4.96 and a beta of -0.32. The company has a 50 day moving average price of $86.35 and a 200 day moving average price of $61.21.

Okeanis Eco Tankers (NYSE:ECO) last posted its quarterly earnings results on Wednesday, November 11th. The company reported $7.67 earnings per share for the quarter, beating analysts’ consensus estimates of $4.73 by $2.94. Okeanis Eco Tankers had a return on equity of 93.62% and a net margin of 60.65%. The business had revenue of $501.50 million for the quarter, compared to analysts’ expectations of $220.83 million. On average, equities analysts predict that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current fiscal year.

Okeanis Eco Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 23rd will be issued a $7.00 dividend. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $5.25. This represents a $28.00 annualized dividend and a dividend yield of 31.5%. The ex-dividend date is Monday, November 23rd. Okeanis Eco Tankers’s dividend payout ratio is presently 195.90%.

Hedge Funds Weigh In On Okeanis Eco Tankers

Several large investors have recently modified their holdings of ECO. Allianz Asset Management GmbH bought a new stake in shares of Okeanis Eco Tankers during the 2nd quarter worth about $1,506,000. Inspire Investing LLC acquired a new position in Okeanis Eco Tankers in the 3rd quarter valued at about $2,339,000. Aviance Capital Partners LLC bought a new position in Okeanis Eco Tankers in the 3rd quarter valued at about $902,000. Bank of America Corp DE raised its holdings in Okeanis Eco Tankers by 96.7% in the 1st quarter. Bank of America Corp DE now owns 278,305 shares of the company’s stock valued at $14,079,000 after acquiring an additional 136,782 shares during the period. Finally, U S Global Investors Inc. bought a new position in Okeanis Eco Tankers in the 3rd quarter valued at about $1,000,000.

Okeanis Eco Tankers Company Profile

Okeanis Eco Tankers Corp. is a Greece-based shipping company that owns and operates crude oil tankers. Its fleet includes very large crude carriers (VLCCs) and Suezmax vessels, which transport crude oil between production regions and markets around the world. The company provides seaborne transportation services to energy companies and commodity traders, deploying its vessels through spot-market voyages and charter arrangements. Its ships are designed to meet modern efficiency and environmental standards.