JPMorgan Chase & Co. Lowers Ecopetrol (NYSE:EC) Price Target to $7.50

Ecopetrol (NYSE:EC) had its target price lowered by JPMorgan Chase & Co. from $8.50 to $7.50 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an underweight rating on the oil and gas company’s stock.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Ecopetrol from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group lowered their target price on Ecopetrol from $11.00 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $8.50.

Ecopetrol Stock Down 1.2 %

Ecopetrol stock opened at $7.61 on Wednesday. Ecopetrol has a one year low of $7.59 and a one year high of $13.14. The stock has a fifty day moving average of $8.88 and a 200 day moving average of $10.48. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.21 and a current ratio of 1.48. The stock has a market cap of $15.64 billion, a PE ratio of 3.35 and a beta of 1.20.

Ecopetrol (NYSE:EC) last released its quarterly earnings results on Wednesday, August 14th. The oil and gas company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.15). The business had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $8.49 billion. Ecopetrol had a net margin of 13.92% and a return on equity of 9.42%. As a group, sell-side analysts predict that Ecopetrol will post 2 EPS for the current year.

Hedge Funds Weigh In On Ecopetrol

Hedge funds have recently modified their holdings of the company. Straight Path Wealth Management raised its position in shares of Ecopetrol by 7.4% during the 2nd quarter. Straight Path Wealth Management now owns 14,600 shares of the oil and gas company’s stock valued at $163,000 after purchasing an additional 1,000 shares during the period. Creative Planning increased its stake in Ecopetrol by 2.7% in the 2nd quarter. Creative Planning now owns 46,864 shares of the oil and gas company’s stock worth $524,000 after buying an additional 1,219 shares in the last quarter. Blue Trust Inc. raised its holdings in Ecopetrol by 258.6% during the second quarter. Blue Trust Inc. now owns 2,697 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 1,945 shares during the period. GAMMA Investing LLC lifted its position in shares of Ecopetrol by 58.2% in the second 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, Ridgewood Investments LLC bought a new position in shares of Ecopetrol in the second quarter worth about $27,000.

Ecopetrol Company Profile

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.