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

Okeanis Eco Tankers Corp. (NYSE:ECO) gapped down prior to trading on Friday . The stock had previously closed at $20.82, but opened at $18.93. Okeanis Eco Tankers shares last traded at $18.71, with a volume of 123,658 shares changing hands.

Analyst Ratings Changes

Separately, B. Riley reduced their target price 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 capitalization of $586.90 million, a PE ratio of 5.40 and a beta of 0.04. The firm’s fifty day moving average price is $22.71 and its 200 day moving average price is $24.84. 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 results on Wednesday, February 19th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.19. The company had revenue of $85.19 million for the quarter, compared to the consensus estimate of $82.46 million. Okeanis Eco Tankers had a return on equity of 25.40% and a net margin of 27.68%. As a group, equities analysts forecast that Okeanis Eco Tankers Corp. will post 1.34 earnings per share for the current year.

Okeanis Eco Tankers Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 7.68%. Okeanis Eco Tankers’s payout ratio is 41.42%.

Hedge Funds Weigh In On Okeanis Eco Tankers

Several large investors have recently made changes to their positions in ECO. BNP Paribas Financial Markets raised its position in shares of Okeanis Eco Tankers by 409.9% in the third quarter. BNP Paribas Financial Markets now owns 20,252 shares of the company’s stock worth $661,000 after acquiring an additional 16,280 shares during the period. Quadrature Capital Ltd purchased a new position in Okeanis Eco Tankers during the third quarter worth approximately $1,169,000. Wexford Capital LP grew its holdings 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 period. Jane Street Group LLC acquired a new stake in Okeanis Eco Tankers in the 3rd quarter valued at $206,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Okeanis Eco Tankers in the third quarter valued at about $383,000.

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.