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

Okeanis Eco Tankers Corp. (NYSE:ECO)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $22.35, but opened at $22.97. Okeanis Eco Tankers shares last traded at $22.97, with a volume of 27,067 shares trading hands.

Analyst Upgrades and Downgrades

Separately, B. Riley dropped their price target on Okeanis Eco Tankers from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th.

Okeanis Eco Tankers Price Performance

The firm has a market cap of $743.84 million, a price-to-earnings ratio of 6.80 and a beta of 0.57. The business’s 50-day simple moving average is $23.02 and its two-hundred day simple moving average is $25.46. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 1.46.

Okeanis Eco Tankers (NYSE:ECO) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.22 by $0.19. Okeanis Eco Tankers had a net margin of 27.68% and a return on equity of 25.40%. The company had revenue of $85.19 million during the quarter, compared to the consensus estimate of $82.46 million. As a group, research analysts expect that Okeanis Eco Tankers Corp. will post 1.34 EPS for the current fiscal year.

Okeanis Eco Tankers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 6.06%. The ex-dividend date of this dividend was Monday, March 3rd. Okeanis Eco Tankers’s dividend payout ratio (DPR) is currently 41.42%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ECO. PDT Partners LLC grew its holdings in shares of Okeanis Eco Tankers by 6.2% during the fourth quarter. PDT Partners LLC now owns 21,504 shares of the company’s stock worth $457,000 after purchasing an additional 1,250 shares in the last quarter. Wexford Capital LP lifted its position in Okeanis Eco Tankers by 7.1% in the third quarter. Wexford Capital LP now owns 22,204 shares of the company’s stock valued at $728,000 after purchasing an additional 1,472 shares during the last quarter. Citadel Advisors LLC lifted its position in Okeanis Eco Tankers by 21.7% in the fourth quarter. Citadel Advisors LLC now owns 13,108 shares of the company’s stock valued at $279,000 after purchasing an additional 2,340 shares during the last quarter. Wells Fargo & Company MN bought a new stake in Okeanis Eco Tankers in the fourth quarter valued at approximately $78,000. Finally, Bank of America Corp DE raised its holdings in shares of Okeanis Eco Tankers by 25.9% during the fourth quarter. Bank of America Corp DE now owns 23,307 shares of the company’s stock valued at $496,000 after acquiring an additional 4,798 shares in the last quarter.

About Okeanis Eco Tankers

Okeanis Eco Tankers Corp., a shipping company, owns and operates tanker vessels worldwide. It operates a fleet of 14 tanker vessels comprising six modern Suezmax tankers and eight modern VLCC tankers focusing on the transportation of crude oil. The company was incorporated in 2018 and is based in Neo Faliro, Greece.