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

Okeanis Eco Tankers Corp. (NYSE:ECO) gapped down prior to trading on Thursday . The stock had previously closed at $24.07, but opened at $22.36. Okeanis Eco Tankers shares last traded at $22.54, with a volume of 312,582 shares changing hands.

Wall Street Analyst Weigh In

Separately, B. Riley cut their price objective on shares of Okeanis Eco Tankers from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th.

Okeanis Eco Tankers Stock Performance

The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $704.32 million and a P/E ratio of 6.47. The company’s fifty day simple moving average is $22.74 and its 200 day simple moving average is $26.67.

Okeanis Eco Tankers (NYSE:ECO) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $85.19 million for the quarter, compared to analysts’ expectations of $82.46 million. As a group, sell-side analysts forecast that Okeanis Eco Tankers Corp. will post 1.34 earnings per share for the current fiscal year.

Okeanis Eco Tankers Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.40%. The ex-dividend date of this dividend is Monday, March 3rd. Okeanis Eco Tankers’s dividend payout ratio (DPR) is 52.07%.

Hedge Funds Weigh In On Okeanis Eco Tankers

Hedge funds have recently added to or reduced their stakes in the company. FIL Ltd lifted its position in Okeanis Eco Tankers by 1.3% during the fourth quarter. FIL Ltd now owns 611,929 shares of the company’s stock valued at $12,439,000 after acquiring an additional 8,053 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Okeanis Eco Tankers by 70.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 507,495 shares of the company’s stock worth $10,579,000 after purchasing an additional 209,260 shares during the last quarter. Boston Partners acquired a new stake in Okeanis Eco Tankers during the fourth quarter worth about $1,231,000. Walleye Capital LLC acquired a new stake in shares of Okeanis Eco Tankers during the fourth quarter valued at about $1,144,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Okeanis Eco Tankers in the third quarter valued at approximately $1,169,000.

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.