Ecopetrol (NYSE:EC) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Shares of Ecopetrol S.A. (NYSE:EC) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $9.26 and traded as high as $9.66. Ecopetrol shares last traded at $9.6150, with a volume of 917,884 shares changing hands.

Analyst Ratings Changes

EC has been the topic of a number of analyst reports. The Goldman Sachs Group reiterated a “neutral” rating and set a $8.70 price objective on shares of Ecopetrol in a research report on Monday, December 1st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ecopetrol in a research note on Monday. Finally, Zacks Research upgraded Ecopetrol from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.73.

Ecopetrol Price Performance

The stock has a market capitalization of $19.77 billion, a price-to-earnings ratio of 7.34 and a beta of 0.68. The business has a fifty day moving average of $9.64 and a 200 day moving average of $9.26.

Hedge Funds Weigh In On Ecopetrol

Hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC acquired a new stake in shares of Ecopetrol during the 2nd quarter worth about $25,000. Advisory Services Network LLC purchased a new position in Ecopetrol during the third quarter worth about $40,000. Straight Path Wealth Management purchased a new position in Ecopetrol during the third quarter worth about $92,000. Envestnet Asset Management Inc. acquired a new stake in shares of Ecopetrol during the second quarter valued at about $93,000. Finally, Metis Global Partners LLC purchased a new stake in shares of Ecopetrol in the 2nd quarter valued at approximately $104,000.

About Ecopetrol

Ecopetrol SA (NYSE: EC) is Colombia’s state-controlled integrated oil and gas company and the country’s largest oil producer. The company’s operations span the upstream, midstream and downstream segments of the hydrocarbon value chain, including exploration and production of crude oil and natural gas, refining of petroleum products, transportation and storage via pipeline networks, and the marketing and sale of fuels and petrochemical feedstocks. Ecopetrol serves domestic demand in Colombia and maintains a portfolio of international investments and partnerships across the Americas.

In upstream activities, Ecopetrol focuses on exploration and development of onshore and offshore fields to sustain and grow hydrocarbon production.