OET Beats Q1 Estimates; Call Puts Outlook in Focus

OET heads into its Q1 2026 earnings call with a confirmed beat already on the table.

Results released after-market on May 13 showed Q1 adjusted EPS of $2.33, well clear of the $1.74 consensus estimate. Revenue came in at $170.2 million, nearly 23% above the $138.1 million the Street had pencilled in. That delivery follows a strong Q4 2025, when sales reached $126.9 million against $85.2 million a year earlier and basic EPS jumped to $1.76 from $0.41. The print extends a run of positive momentum: OET's 12-month forward EPS growth trajectory ranks in the 88th percentile of its universe, and EPS momentum over the past 30 days scores in the 83rd percentile.

The stock arrived at today's call having already rallied 11.5% over the past month to NOK 520. It hit a new 12-month high on May 13, the day results dropped. Peer tankers were more mixed on the week — FRO added 1.1%, while HAFNI slipped 3.6% and DHT shed 2.0% — making OET's outperformance ahead of the print look more deliberate than sector-wide. The dividend score ranks in the 92nd percentile, and a Q1 dividend announcement accompanied the results, which will draw attention on the call.

Short sellers are not a meaningful part of this story. Short interest is just 0.116% of the free float — essentially negligible — and the borrow market is wide open, with availability running at the maximum measurable level. Cost to borrow is a modest 3.0%, down sharply from 5.4% earlier in the month. The ORTEX short score of 26.4 out of 100, and its ranking in the 92nd percentile for low short interest intensity, confirm there is no meaningful bearish positioning in the lending market.

Ownership is concentrated: founder Ioannis Alafouzos holds 46.4% of shares, providing a stable anchor but limiting free float. Among institutional holders, QVT Financial disclosed a fresh position of 1.42 million shares as of March, while BlackRock added 204,000 shares through April. With valuation at a PE of 7.2x and EV/EBITDA of 6.7x — both compressing over the past 30 days as the price has risen faster than earnings expectations — today's call is less about whether OET can deliver the numbers and more about whether management's guidance on day rates, fleet utilisation, and capital return can justify the stock's move to a fresh annual high.