JPMorgan Chase & Co. downgraded shares of Ecopetrol (NYSE:EC – Free Report) from a neutral rating to an underweight rating in a research note released on Wednesday morning, MarketBeat.com reports. JPMorgan Chase & Co. currently has $8.50 target price on the oil and gas company’s stock, down from their prior target price of $12.00.
Other research analysts also recently issued research reports about the stock. Bank of America downgraded shares of Ecopetrol from a neutral rating to an underperform rating in a research report on Thursday, May 30th. StockNews.com downgraded Ecopetrol from a buy rating to a hold rating in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group cut their price objective on Ecopetrol from $11.00 to $9.50 and set a neutral rating for the company in a research report on Tuesday. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Reduce and a consensus price target of $8.83.
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Ecopetrol Trading Up 3.1 %
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Barings LLC acquired a new position in shares of Ecopetrol in the second quarter valued at about $1,830,000. Manning & Napier Advisors LLC acquired a new stake in Ecopetrol during the second quarter worth approximately $1,890,000. Quantbot Technologies LP increased its stake in Ecopetrol by 66.6% during the 1st quarter. Quantbot Technologies LP now owns 74,194 shares of the oil and gas company’s stock worth $878,000 after acquiring an additional 29,651 shares during the period. GAMMA Investing LLC raised its holdings in Ecopetrol by 58.2% in the 2nd quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 2,355 shares in the last quarter. Finally, D.A. Davidson & CO. acquired a new position in Ecopetrol in the 4th quarter valued at $356,000.
About Ecopetrol
Ecopetrol SA operates as an integrated energy company. The company operates through four segments: Exploration and Production; Transport and Logistics; Refining, Petrochemical and Biofuels; and Electric Power Transmission and Toll Roads Concessions. It engages in the exploration and production of oil and gas; transportation of crude oil, motor fuels, fuel oil, and other refined products, including diesel, jet, and biofuels; processing and refining crude oil; distribution of natural gas and LPG; sale of refined and petrochemical products; supplying of electric power transmission services; design, development, construction, operation, and maintenance of road and energy infrastructure projects; and supplying of information technology and telecommunications services.
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