Shares of Okeanis Eco Tankers Corp. (ECO) plummeted 6.94% in the past 24 hours, trading as low as $15.22 during Thursday's intraday session. The sharp sell-off came despite the company declaring a quarterly dividend of $0.35 per share.
ECO reported lower revenues of $85.2 million for Q4 2024, down from $91.7 million in Q4 2023. Net profit also slid to $13.2 million from $21.3 million in the prior year period. Earnings per share declined to $0.41 from $0.66 a year ago.
The tanker company declared a cash dividend of $0.35 per common share, payable on March 17, 2025 to shareholders of record as of March 3, 2025. Due to settlement cycle differences, the ex-dividend dates are March 3 for NYSE and February 28 for the Oslo Stock Exchange.
While the dividend payout may have provided some support, ECO's weaker Q4 2024 financial performance appears to have overshadowed the dividend announcement, triggering a sell-off in the stock. Investors seem disappointed by the year-over-year declines in revenues, profits and earnings, despite the company's efforts to return cash to shareholders.
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