Ecopetrol (NYSE:EC) Raised to “Buy” at StockNews.com

Ecopetrol (NYSE:EC) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

A number of other research analysts have also commented on EC. The Goldman Sachs Group decreased their price target on shares of Ecopetrol from $11.00 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. JPMorgan Chase & Co. decreased their target price on Ecopetrol from $8.50 to $7.50 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.50.

Ecopetrol Stock Performance

Shares of EC traded down $0.28 during mid-day trading on Friday, reaching $7.37. The company’s stock had a trading volume of 3,406,485 shares, compared to its average volume of 2,053,064. The company has a current ratio of 1.48, a quick ratio of 1.21 and a debt-to-equity ratio of 1.00. Ecopetrol has a 1-year low of $7.33 and a 1-year high of $13.14. The business has a 50-day simple moving average of $8.62 and a two-hundred day simple moving average of $10.34. The stock has a market cap of $15.15 billion, a P/E ratio of 3.25 and a beta of 1.21.

Ecopetrol (NYSE:EC) last announced its quarterly earnings results on Wednesday, August 14th. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.15). Ecopetrol had a net margin of 13.92% and a return on equity of 9.42%. The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $8.49 billion. As a group, equities research analysts anticipate that Ecopetrol will post 2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ecopetrol

Institutional investors have recently made changes to their positions in the stock. Straight Path Wealth Management lifted its position in Ecopetrol by 7.4% during the second quarter. Straight Path Wealth Management now owns 14,600 shares of the oil and gas company’s stock worth $163,000 after purchasing an additional 1,000 shares during the period. Creative Planning lifted its holdings in shares of Ecopetrol by 2.7% during the 2nd quarter. Creative Planning now owns 46,864 shares of the oil and gas company’s stock worth $524,000 after acquiring an additional 1,219 shares during the period. Blue Trust Inc. boosted its position in shares of Ecopetrol by 258.6% during the 2nd quarter. Blue Trust Inc. now owns 2,697 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 1,945 shares in the last quarter. GAMMA Investing LLC increased its stake in 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 during the last quarter. Finally, Ridgewood Investments LLC acquired a new position in Ecopetrol during the second quarter valued at approximately $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.