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

Shares of Okeanis Eco Tankers Corp. (NYSE:ECO) gapped down prior to trading on Friday . The stock had previously closed at $33.84, but opened at $32.85. Okeanis Eco Tankers shares last traded at $32.4760, with a volume of 24,861 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ECO. Zacks Research raised shares of Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a report on Monday, December 8th. B. Riley increased their price target on Okeanis Eco Tankers from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Clarkson Capital upgraded Okeanis Eco Tankers to a “hold” rating in a research note on Friday, November 14th. Wall Street Zen raised Okeanis Eco Tankers from a “hold” rating to a “strong-buy” rating in a report on Saturday, November 15th. Finally, UBS Group downgraded Okeanis Eco Tankers from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Okeanis Eco Tankers currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Okeanis Eco Tankers Stock Down 5.6%

The business’s fifty day simple moving average is $35.28 and its two-hundred day simple moving average is $29.57. The company has a market cap of $1.03 billion, a PE ratio of 13.36 and a beta of 0.05. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.00 and a quick ratio of 1.69.

Okeanis Eco Tankers (NYSE:ECO) last posted its earnings results on Thursday, November 13th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.48. Okeanis Eco Tankers had a net margin of 21.92% and a return on equity of 18.05%. The business had revenue of $90.60 million for the quarter, compared to analyst estimates of $51.29 million. On average, analysts predict that Okeanis Eco Tankers Corp. will post 1.34 earnings per share for the current year.

Okeanis Eco Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, December 2nd were issued a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, December 2nd. This is an increase from Okeanis Eco Tankers’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a yield of 9.4%. Okeanis Eco Tankers’s dividend payout ratio is 125.52%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Verition Fund Management LLC purchased a new position in shares of Okeanis Eco Tankers during the 3rd quarter valued at approximately $211,000. Quarry LP acquired a new position in Okeanis Eco Tankers during the third quarter worth $29,000. Militia Capital Partners LP acquired a new position in Okeanis Eco Tankers during the third quarter worth $1,024,000. Millennium Management LLC purchased a new position in Okeanis Eco Tankers during the third quarter valued at $486,000. Finally, Lighthouse Investment Partners LLC grew its position in shares of Okeanis Eco Tankers by 11.0% in the third quarter. Lighthouse Investment Partners LLC now owns 51,965 shares of the company’s stock valued at $1,521,000 after purchasing an additional 5,149 shares during the period.

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.