Ecopetrol S.A. (NYSE:EC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, July 11th. The brokerage currently has a $10.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.89% from the company’s current price.
According to Zacks, “ECOPETROL S.A. is a Colombia-based petroleum company. The Company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia, as well as in other areas in Colombia and northern Peru. The Company’s operation includes the extraction, collection, treatment, storage and pumping or compression of hydrocarbons. Ecopetrol has four management divisions to handle the operation of 163 production fields. Ecopetrol’s production is concentrated in the upper, middle and lower Magdalena, the Eastern Plans and the Caribbean, and the provinces of Putumayo, Cesar and Norte de Santander. “
Several other equities research analysts have also commented on the stock. Morgan Stanley lowered shares of Ecopetrol from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $9.40 to $8.00 in a research note on Wednesday, May 31st. HSBC Holdings plc upgraded shares of Ecopetrol from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Monday, June 5th. BidaskClub upgraded shares of Ecopetrol from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Scotiabank lowered shares of Ecopetrol from an “outperform” rating to a “sector perform” rating in a research note on Thursday, June 29th. Finally, TheStreet upgraded shares of Ecopetrol from a “d+” rating to a “c” rating in a research note on Wednesday, May 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Ecopetrol currently has an average rating of “Hold” and an average target price of $10.25.
Shares of Ecopetrol (EC) traded down 0.55% during mid-day trading on Tuesday, hitting $9.10. The stock had a trading volume of 693,644 shares. The firm’s 50-day moving average price is $9.08 and its 200 day moving average price is $9.27. Ecopetrol has a 12-month low of $7.65 and a 12-month high of $10.36. The stock has a market cap of $18.71 billion, a price-to-earnings ratio of 18.96 and a beta of 1.05.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point View Wealth Management Inc. purchased a new position in shares of Ecopetrol during the second quarter valued at approximately $100,000. Greenleaf Trust purchased a new position in shares of Ecopetrol during the second quarter valued at approximately $105,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in shares of Ecopetrol by 500.0% in the first quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 12,000 shares of the oil and gas company’s stock valued at $111,000 after buying an additional 10,000 shares during the last quarter. Conning Inc. purchased a new position in shares of Ecopetrol during the second quarter valued at approximately $113,000. Finally, Envestnet Asset Management Inc. increased its stake in Ecopetrol by 20.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 13,222 shares of the oil and gas company’s stock worth $119,000 after buying an additional 2,214 shares in the last quarter. Institutional investors and hedge funds own 2.22% of the company’s stock.
Ecopetrol Company Profile
Ecopetrol SA is an oil company. The Company operates in Colombia, Peru, Brazil and the United States Gulf Coast. The Company’s segments include Exploration and Production, Transportation and Logistics, and Refining, Petrochemicals and Biofuels. The Company’s Exploration and Production segment includes exploration, development and production activities in Colombia and abroad.
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