Ecopetrol S.A. (EC) Upgraded by Zacks Investment Research to Buy
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. The firm presently has a $11.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.79% 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. “
A number of other research firms also recently commented on EC. BidaskClub upgraded Ecopetrol from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. ValuEngine upgraded Ecopetrol from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Finally, Scotiabank downgraded Ecopetrol from an “outperform” rating to a “sector perform” rating in a report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $10.50.
Ecopetrol (EC) traded up 0.64% during mid-day trading on Tuesday, reaching $9.50. The company’s stock had a trading volume of 658,725 shares. The firm’s 50 day moving average price is $9.37 and its 200 day moving average price is $9.30. The stock has a market cap of $19.53 billion, a price-to-earnings ratio of 16.38 and a beta of 1.04. Ecopetrol has a 12-month low of $7.65 and a 12-month high of $10.36.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in EC. Point View Wealth Management Inc. purchased a new position in shares of Ecopetrol in the 2nd quarter valued at about $100,000. Greenleaf Trust purchased a new position in shares of Ecopetrol in the 2nd quarter valued at about $105,000. Conning Inc. purchased a new position in shares of Ecopetrol in the 2nd quarter valued at about $113,000. KCG Holdings Inc. purchased a new position in shares of Ecopetrol in the 1st quarter valued at about $129,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Ecopetrol by 5.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 13,951 shares of the oil and gas company’s stock valued at $130,000 after acquiring an additional 729 shares during the last quarter. Institutional investors and hedge funds own 2.11% 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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