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

Okeanis Eco Tankers Corp. (NYSE:ECO) shares gapped down prior to trading on Thursday. The stock had previously closed at $95.66, but opened at $89.67. Okeanis Eco Tankers shares last traded at $92.5570, with a volume of 400,568 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wall Street Zen raised Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. B. Riley Financial upped their price target on Okeanis Eco Tankers from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Zacks Research cut Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Finally, Weiss Ratings upgraded shares of Okeanis Eco Tankers from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, September 9th. Two 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, the company has a consensus rating of “Hold” and an average price target of $67.85.

Okeanis Eco Tankers Price Performance

The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 8.35 and a beta of -0.19. The company has a 50-day moving average price of $76.18 and a 200-day moving average price of $61.39. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.13 and a current ratio of 4.43.

Okeanis Eco Tankers (NYSE:ECO) last posted its earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $268.14 million during the quarter, compared to analysts’ expectations of $220.28 million. On average, equities research 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 disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were given a $5.25 dividend. This is a boost from Okeanis Eco Tankers’s previous quarterly dividend of $2.00. This represents a $21.00 dividend on an annualized basis and a dividend yield of 23.5%. The ex-dividend date of this dividend was Friday, August 14th. Okeanis Eco Tankers’s payout ratio is presently 195.90%.

Insider Buying and Selling

In related news, Director Financial Lp Qvt sold 68,420 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $59.99, for a total value of $4,104,515.80. Following the completion of the transaction, the director owned 1,347,038 shares of the company’s stock, valued at approximately $80,808,809.62. This trade represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hedge Funds Weigh In On Okeanis Eco Tankers

A number of large investors have recently modified their holdings of the business. Allianz Asset Management GmbH acquired a new stake in shares of Okeanis Eco Tankers in the 2nd quarter valued at approximately $1,506,000. Bank of America Corp DE lifted its stake in 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 valued at $14,079,000 after acquiring an additional 136,782 shares during the last quarter. Militia Capital Management LLC acquired a new stake in Okeanis Eco Tankers in the first quarter valued at $3,541,000. Cetera Investment Advisers acquired a new position in shares of Okeanis Eco Tankers during the 1st quarter worth about $2,185,000. Finally, BTG Pactual Asset Management US LLC bought a new position in Okeanis Eco Tankers during the second quarter worth about $1,608,000.

About Okeanis Eco Tankers

Okeanis Eco Tankers Corp. is a maritime transportation company that owns and operates a fleet of modern, fuel-efficient crude oil tankers. The company focuses primarily on large crude carriers, including very large crude carriers (VLCCs) and Suezmax tankers, which transport crude oil between major production and refining regions around the world.

Through its vessels and associated commercial and technical management activities, Okeanis Eco Tankers provides seaborne transportation services to customers in the global energy industry.