Okeanis Eco Tankers (NYSE:ECO) Posts Quarterly Earnings Results, Beats Expectations By $0.59 EPS

Okeanis Eco Tankers (NYSE:ECO) released its earnings results on Wednesday. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.59, FiscalAI reports. The firm had revenue of $170.17 million during the quarter, compared to analyst estimates of $134.02 million. Okeanis Eco Tankers had a net margin of 31.40% and a return on equity of 26.63%.

Okeanis Eco Tankers Trading Down 3.8%

Shares of Okeanis Eco Tankers stock traded down $2.14 on Wednesday, hitting $54.51. 921,967 shares of the company traded hands, compared to its average volume of 362,711. The company has a current ratio of 1.50, a quick ratio of 1.39 and a debt-to-equity ratio of 0.82. The company has a market cap of $2.13 billion, a PE ratio of 15.15 and a beta of 0.09. The stock’s 50 day moving average price is $50.71 and its 200-day moving average price is $42.62. Okeanis Eco Tankers has a 52 week low of $21.27 and a 52 week high of $58.45.

Okeanis Eco Tankers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, March 3rd were paid a dividend of $1.55 per share. This is a boost from Okeanis Eco Tankers’s previous quarterly dividend of $0.75. This represents a $6.20 annualized dividend and a dividend yield of 11.4%. The ex-dividend date of this dividend was Tuesday, March 3rd. Okeanis Eco Tankers’s payout ratio is presently 165.78%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Zacks Research downgraded shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Wall Street Zen upgraded Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a report on Sunday, March 29th. Weiss Ratings lowered Okeanis Eco Tankers from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, March 25th. B. Riley Financial upped their price objective on Okeanis Eco Tankers from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Finally, Clarkson Capital upgraded Okeanis Eco Tankers from a “neutral” rating to a “buy” rating and set a $46.05 target price on the stock in a research note on Tuesday, January 27th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Okeanis Eco Tankers currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.35.

Institutional Investors Weigh In On Okeanis Eco Tankers

Institutional investors and hedge funds have recently bought and sold shares of the company. Two Sigma Investments LP increased its stake in shares of Okeanis Eco Tankers by 517.5% during the third quarter. Two Sigma Investments LP now owns 58,678 shares of the company’s stock valued at $1,718,000 after buying an additional 49,176 shares during the period. Lighthouse Investment Partners LLC lifted its stake 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 during the period. Boothbay Fund Management LLC bought a new position in Okeanis Eco Tankers during the 4th quarter worth about $871,000. Numerai GP LLC bought a new position in Okeanis Eco Tankers during the 4th quarter worth about $713,000. Finally, Kovack Advisors Inc. purchased a new position in Okeanis Eco Tankers during the 4th quarter valued at about $636,000.

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.