Okeanis Eco Tankers (NYSE:ECO) Shares Down 5.4% on Analyst Downgrade

Okeanis Eco Tankers Corp. (NYSE:ECO) dropped 5.4% on Thursday after B. Riley lowered their price target on the stock from $44.00 to $40.00. B. Riley currently has a buy rating on the stock. Okeanis Eco Tankers traded as low as $23.90 and last traded at $23.90. Approximately 242,315 shares were traded during trading, a decline of 17% from the average daily volume of 293,095 shares. The stock had previously closed at $25.26.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ECO. Acadian Asset Management LLC acquired a new position in shares of Okeanis Eco Tankers in the 2nd quarter worth approximately $370,000. Hsbc Holdings PLC grew its position in shares of Okeanis Eco Tankers by 123.9% in the 2nd quarter. Hsbc Holdings PLC now owns 178,056 shares of the company’s stock worth $5,692,000 after acquiring an additional 98,528 shares in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Okeanis Eco Tankers in the 2nd quarter worth approximately $1,767,000. Marshall Wace LLP acquired a new position in shares of Okeanis Eco Tankers in the 2nd quarter worth approximately $247,000. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of Okeanis Eco Tankers in the 2nd quarter worth approximately $2,086,000.

Okeanis Eco Tankers Trading Down 5.5 %

The company has a market cap of $768.79 million and a price-to-earnings ratio of 6.58. The firm has a 50-day moving average price of $22.02 and a 200 day moving average price of $27.91. The company has a current ratio of 1.69, a quick ratio of 1.34 and a debt-to-equity ratio of 1.48.

Okeanis Eco Tankers (NYSE:ECO) last released its quarterly earnings data on Friday, November 8th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.36. Okeanis Eco Tankers had a return on equity of 27.19% and a net margin of 29.25%. The business had revenue of $84.93 million during the quarter, compared to analyst estimates of $74.61 million. As a group, sell-side analysts forecast that Okeanis Eco Tankers Corp. will post 3.19 EPS for the current year.

Okeanis Eco Tankers Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Monday, November 18th were given a dividend of $0.45 per share. The ex-dividend date was Monday, November 18th. This represents a $1.80 dividend on an annualized basis and a yield of 7.54%. Okeanis Eco Tankers’s dividend payout ratio is currently 48.48%.

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.