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

Okeanis Eco Tankers Corp. (NYSE:ECO)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $63.92, but opened at $59.44. Okeanis Eco Tankers shares last traded at $60.1520, with a volume of 138,741 shares traded.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ECO. Clarkson Capital downgraded shares of Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. B. Riley Financial increased their price target on Okeanis Eco Tankers from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Wall Street Zen upgraded Okeanis Eco Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised Okeanis Eco Tankers from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, August 6th. Finally, Pareto Securities lowered Okeanis Eco Tankers from a “buy” rating to a “hold” rating and set a $57.50 target price on the stock. in a report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $59.52.

Okeanis Eco Tankers Trading Down 6.6%

The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of 5.57 and a beta of -0.15. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.43 and a quick ratio of 4.13. The firm’s 50-day simple moving average is $55.22 and its 200 day simple moving average is $51.27.

Okeanis Eco Tankers (NYSE:ECO) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $5.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $268.14 million for the quarter, compared to analyst estimates of $220.28 million. Equities analysts expect that Okeanis Eco Tankers Corp. will post 15.33 earnings per share for the current year.

Okeanis Eco Tankers Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 14th will be issued a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a dividend yield of 35.2%. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 14th. Okeanis Eco Tankers’s dividend payout ratio (DPR) is currently 195.90%.

Institutional Investors Weigh In On Okeanis Eco Tankers

Several hedge funds and other institutional investors have recently made changes to their positions in ECO. Militia Capital Management LLC acquired a new position in Okeanis Eco Tankers during the 1st quarter worth approximately $3,541,000. Bank of America Corp DE grew its stake in shares of Okeanis Eco Tankers by 96.7% during the first quarter. Bank of America Corp DE now owns 278,305 shares of the company’s stock worth $14,079,000 after buying an additional 136,782 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Okeanis Eco Tankers by 29,762.5% during the first quarter. Royal Bank of Canada now owns 2,389 shares of the company’s stock worth $121,000 after buying an additional 2,381 shares in the last quarter. Energy Income Partners LLC lifted its stake in shares of Okeanis Eco Tankers by 3.4% in the 1st quarter. Energy Income Partners LLC now owns 69,118 shares of the company’s stock valued at $3,497,000 after acquiring an additional 2,250 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Okeanis Eco Tankers during the 1st quarter valued at $778,000.

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.