Ecopetrol S.A. (EC) Upgraded to Buy by Zacks Investment Research
Ecopetrol S.A. (NYSE:EC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $10.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.73% from the company’s previous close.
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. “
A number of other brokerages also recently issued reports on EC. BidaskClub downgraded Ecopetrol from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 21st. TheStreet raised Ecopetrol from a “d+” rating to a “c” rating in a research report on Wednesday, May 17th. HSBC Holdings plc raised Ecopetrol from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Monday, June 5th. Morgan Stanley downgraded Ecopetrol from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $9.40 to $8.00 in a research report on Wednesday, May 31st. Finally, Scotiabank downgraded Ecopetrol from an “outperform” rating to a “sector perform” rating in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $10.25.
Ecopetrol (EC) traded up 1.13% during mid-day trading on Tuesday, hitting $8.95. The company had a trading volume of 920,471 shares. The firm has a market capitalization of $18.40 billion, a PE ratio of 18.65 and a beta of 1.04. Ecopetrol has a 1-year low of $7.65 and a 1-year high of $10.36. The company has a 50 day moving average of $9.34 and a 200 day moving average of $9.28.
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Several large investors have recently made changes to their positions in EC. Princeton Alpha Management LP raised its stake in shares of Ecopetrol by 10.1% in the first quarter. Princeton Alpha Management LP now owns 17,831 shares of the oil and gas company’s stock worth $166,000 after buying an additional 1,634 shares during the period. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Ecopetrol during the first quarter worth $143,000. Wells Fargo & Company MN raised its stake in shares of Ecopetrol by 180,933.3% in the first quarter. Wells Fargo & Company MN now owns 97,758 shares of the oil and gas company’s stock worth $911,000 after buying an additional 97,704 shares during the period. Wetherby Asset Management Inc. raised its stake in shares of Ecopetrol by 22.3% in the first quarter. Wetherby Asset Management Inc. now owns 18,268 shares of the oil and gas company’s stock worth $170,000 after buying an additional 3,327 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Ecopetrol by 1.2% in the first quarter. Russell Investments Group Ltd. now owns 3,970,350 shares of the oil and gas company’s stock worth $37,003,000 after buying an additional 47,901 shares during the period. 2.24% of the stock is currently owned by hedge funds and other institutional investors.
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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