Okeanis Eco Tankers (NYSE:ECO) Posts Quarterly Earnings Results

Okeanis Eco Tankers (NYSE:ECO) posted its quarterly earnings results on Wednesday. The company reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.48, FiscalAI reports. The firm had revenue of $91.33 million during the quarter, compared to analyst estimates of $98.45 million. Okeanis Eco Tankers had a return on equity of 28.98% and a net margin of 31.40%.

Okeanis Eco Tankers Stock Up 4.1%

NYSE:ECO traded up $1.90 during midday trading on Friday, hitting $48.68. The company had a trading volume of 241,285 shares, compared to its average volume of 427,488. Okeanis Eco Tankers has a 52-week low of $17.91 and a 52-week high of $48.75. The stock’s fifty day moving average price is $37.91 and its 200-day moving average price is $33.44. The company has a quick ratio of 1.69, a current ratio of 2.00 and a debt-to-equity ratio of 1.33.

Okeanis Eco Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, March 3rd will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $6.20 dividend on an annualized basis and a dividend yield of 12.7%. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $0.75. Okeanis Eco Tankers’s payout ratio is presently 125.52%.

Institutional Investors Weigh In On Okeanis Eco Tankers

Hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC purchased a new position in shares of Okeanis Eco Tankers during the third quarter worth approximately $486,000. Magnetar Financial LLC purchased a new stake in shares of Okeanis Eco Tankers in the 4th quarter valued at $481,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Okeanis Eco Tankers during the 4th quarter valued at $430,000. Jain Global LLC bought a new position in shares of Okeanis Eco Tankers during the 4th quarter valued at $410,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Okeanis Eco Tankers during the 3rd quarter valued at $394,000.

Wall Street Analyst Weigh In

Several brokerages have commented on ECO. B. Riley Financial restated a “buy” rating on shares of Okeanis Eco Tankers in a research note on Friday. Clarkson Capital upgraded shares of Okeanis Eco Tankers from a “neutral” rating to a “buy” rating and set a $46.05 price objective for the company in a research report on Tuesday, January 27th. Wall Street Zen raised shares of Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a research note on Saturday, November 15th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Okeanis Eco Tankers in a research note on Monday, December 29th. Finally, UBS Group downgraded shares of Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.02.

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.