Ecopetrol (EC) Lowered to “Reduce” at HSBC

Ecopetrol (NYSE:EC) was downgraded by research analysts at HSBC from a “hold” rating to a “reduce” rating in a report issued on Tuesday, Marketbeat reports.

A number of other brokerages have also commented on EC. UBS Group lowered Ecopetrol from a “neutral” rating to a “sell” rating in a report on Thursday, January 11th. ValuEngine lowered Ecopetrol from a “buy” rating to a “hold” rating in a report on Tuesday, December 26th. Raymond James Financial reissued an “underperform” rating on shares of Ecopetrol in a report on Tuesday, November 28th. Citigroup began coverage on Ecopetrol in a report on Wednesday, December 6th. They set a “neutral” rating and a $12.00 target price on the stock. Finally, lowered Ecopetrol from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Four equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The company currently has an average rating of “Hold” and an average target price of $10.20.

Shares of Ecopetrol (NYSE:EC) traded up $0.73 on Tuesday, hitting $18.95. The stock had a trading volume of 3,746,973 shares, compared to its average volume of 2,050,160. The firm has a market capitalization of $38,860.00, a price-to-earnings ratio of 32.67, a price-to-earnings-growth ratio of 0.29 and a beta of 1.13. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.37 and a quick ratio of 1.07. Ecopetrol has a 52 week low of $8.44 and a 52 week high of $18.98.

Large investors have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. grew its holdings in Ecopetrol by 20.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 235,147 shares of the oil and gas company’s stock worth $2,138,000 after acquiring an additional 39,680 shares during the period. Nationwide Fund Advisors grew its holdings in Ecopetrol by 303.2% during the third quarter. Nationwide Fund Advisors now owns 353,973 shares of the oil and gas company’s stock worth $3,359,000 after acquiring an additional 266,173 shares during the period. Allianz Asset Management GmbH acquired a new position in Ecopetrol during the third quarter worth about $733,000. Mizuho Securities USA LLC acquired a new position in shares of Ecopetrol in the 3rd quarter valued at $563,000. Finally, Global X MANAGEMENT CO LLC boosted its position in shares of Ecopetrol by 5.1% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 472,279 shares of the oil and gas company’s stock valued at $4,482,000 after purchasing an additional 22,798 shares during the period. 2.06% of the stock is currently owned by hedge funds and other institutional investors.

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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.