Okeanis Eco Tankers (NYSE:ECO) Shares Down 4.4% – Should You Sell?

Okeanis Eco Tankers Corp. (NYSE:ECO)’s stock price dropped 4.4% during trading on Wednesday . The company traded as low as $62.55 and last traded at $62.1750. Approximately 126,585 shares traded hands during trading, a decline of 74% from the average daily volume of 489,490 shares. The stock had previously closed at $65.04.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ECO. Pareto Securities cut 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. Weiss Ratings raised Okeanis Eco Tankers from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, August 6th. Zacks Research raised Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Clarkson Capital lowered Okeanis Eco Tankers from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, B. Riley Financial lifted their price target on Okeanis Eco Tankers from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Okeanis Eco Tankers presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.52.

Okeanis Eco Tankers Trading Down 3.9%

The company has a current ratio of 4.43, a quick ratio of 4.13 and a debt-to-equity ratio of 0.76. The firm has a market cap of $2.44 billion, a PE ratio of 5.83 and a beta of -0.15. The company’s 50-day moving average is $57.35 and its 200 day moving average is $52.59.

Okeanis Eco Tankers (NYSE:ECO) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $5.91 EPS for the quarter, topping analysts’ consensus estimates of $4.61 by $1.30. Okeanis Eco Tankers had a net margin of 56.92% and a return on equity of 62.06%. The firm had revenue of $268.14 million during the quarter, compared to analyst estimates of $220.28 million. As a group, sell-side analysts predict that Okeanis Eco Tankers Corp. will post 15.33 EPS for the current year.

Okeanis Eco Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were issued a $5.25 dividend. The ex-dividend date was Friday, August 14th. This is an increase 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 33.6%. Okeanis Eco Tankers’s dividend payout ratio is currently 195.90%.

Insider Activity at Okeanis Eco Tankers

In other news, Director Financial Lp Qvt sold 68,420 shares of Okeanis Eco Tankers stock in a transaction on Friday, August 14th. The stock was sold at an average price of $59.99, for a total transaction of $4,104,515.80. Following the transaction, the director owned 1,347,038 shares in the company, valued at approximately $80,808,809.62. The trade was a 4.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Institutional Investors Weigh In On Okeanis Eco Tankers

Several hedge funds have recently bought and sold shares of the business. Encompass Capital Advisors LLC acquired a new stake in Okeanis Eco Tankers during the 4th quarter worth about $27,416,000. FIL Ltd increased its holdings in shares of Okeanis Eco Tankers by 17.2% in the 4th quarter. FIL Ltd now owns 574,182 shares of the company’s stock valued at $19,339,000 after purchasing an additional 84,130 shares during the period. Fearnley Asset Management AS acquired a new position in shares of Okeanis Eco Tankers in the 4th quarter valued at about $18,696,000. Marshall Wace LLP purchased a new stake in shares of Okeanis Eco Tankers in the fourth quarter worth approximately $10,911,000. Finally, Bank of America Corp DE lifted its position in shares of 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 worth $14,079,000 after purchasing an additional 136,782 shares in the last quarter.

Okeanis Eco Tankers Company Profile

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.