Ecopetrol (EC) Downgraded by Zacks Investment Research to “Hold”

Ecopetrol (NYSE:EC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, November 15th.

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 analysts have also recently commented on the company. cut Ecopetrol from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. J P Morgan Chase & Co upgraded Ecopetrol from an “underweight” rating to a “neutral” rating and set a $9.00 price objective on the stock in a report on Wednesday, October 25th. ValuEngine upgraded Ecopetrol from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Finally, BidaskClub upgraded Ecopetrol from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $10.20.

Shares of Ecopetrol (NYSE:EC) traded up $0.12 during trading on Wednesday, hitting $11.90. The stock had a trading volume of 1,033,601 shares, compared to its average volume of 1,034,276. Ecopetrol has a fifty-two week low of $8.44 and a fifty-two week high of $12.30. The firm has a market cap of $24,217.74, a PE ratio of 26.77, a P/E/G ratio of 0.36 and a beta of 1.14. The company has a current ratio of 1.37, a quick ratio of 1.07 and a debt-to-equity ratio of 0.82.

Several institutional investors have recently bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Ecopetrol by 7.8% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,437,088 shares of the oil and gas company’s stock worth $80,068,000 after acquiring an additional 608,262 shares during the period. Renaissance Technologies LLC increased its holdings in Ecopetrol by 16.5% in the second quarter. Renaissance Technologies LLC now owns 6,262,700 shares of the oil and gas company’s stock valued at $56,928,000 after buying an additional 887,100 shares during the last quarter. Vanguard Group Inc. increased its holdings in Ecopetrol by 5.6% in the second quarter. Vanguard Group Inc. now owns 3,319,861 shares of the oil and gas company’s stock valued at $30,178,000 after buying an additional 175,934 shares during the last quarter. APG Asset Management N.V. increased its holdings in Ecopetrol by 118.5% in the third quarter. APG Asset Management N.V. now owns 1,232,763 shares of the oil and gas company’s stock valued at $11,699,000 after buying an additional 668,500 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Ecopetrol by 6.0% in the third quarter. Legal & General Group Plc now owns 1,102,311 shares of the oil and gas company’s stock valued at $10,466,000 after buying an additional 62,400 shares during the last quarter. 2.06% of the stock is currently owned by institutional investors and hedge funds.

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About Ecopetrol

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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