Ecopetrol (NYSE:EC) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Ecopetrol from “hold” to “strong buy,” while the broader analyst consensus remains “hold” with a $13.54 average price target.
• Ecopetrol shares opened at $16.99 and were down 1.5%; the stock has traded between $8.57 and $18.38 over the past year and carries a market capitalization of approximately $34.92 billion.
• The company reported quarterly earnings of $0.86 per share on $11.72 billion in revenue, while several institutional investors—including Wellington Management and Ohio’s public employees’ retirement system—recently initiated or increased positions.

Ecopetrol (NYSE:EC - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other equities research analysts also recently weighed in on EC. Wall Street Zen upgraded Ecopetrol from a "hold" rating to a "buy" rating in a research report on Saturday, September 26th. Weiss Ratings upgraded Ecopetrol from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, September 24th. Finally, UBS Group boosted their price objective on Ecopetrol from $14.00 to $16.00 and gave the stock a "neutral" rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $13.54.

Ecopetrol Trading Down 1.5%

Shares of EC stock opened at $16.99 on Monday. Ecopetrol has a 1 year low of $8.57 and a 1 year high of $18.38. The firm's 50 day moving average is $17.09 and its 200-day moving average is $15.59. The firm has a market capitalization of $34.92 billion, a price-to-earnings ratio of 8.99, a PEG ratio of 1.14 and a beta of 0.46.

Ecopetrol (NYSE:EC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 1st. The oil and gas company reported $0.86 earnings per share for the quarter. Ecopetrol had a net margin of 11.46% and a return on equity of 18.16%. The business had revenue of $11.72 billion during the quarter. On average, equities research analysts forecast that Ecopetrol will post 2.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ecopetrol

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC grew its holdings in shares of Ecopetrol by 12.0% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 45,011 shares of the oil and gas company's stock valued at $641,000 after buying an additional 4,835 shares during the period. Wellington Management Group LLP bought a new stake in shares of Ecopetrol in the 2nd quarter valued at $1,709,000. Public Employees Retirement System of Ohio bought a new position in Ecopetrol during the second quarter worth about $616,000. Ramsey Quantitative Systems acquired a new position in Ecopetrol in the second quarter valued at about $58,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of Ecopetrol in the second quarter worth about $168,000.

Ecopetrol Company Profile

Ecopetrol SA is an integrated energy company headquartered in Bogotá, Colombia, and one of the country's principal petroleum and natural gas producers. Its operations include the exploration, development and production of crude oil and natural gas, as well as the gathering, processing and commercialization of hydrocarbons.

The company also operates through businesses involved in crude oil and refined-product transportation, refining, petrochemicals and fuel distribution. Its refining activities include the Barrancabermeja refinery and the Cartagena refinery, while its transportation operations are conducted primarily through subsidiaries and affiliated infrastructure businesses.

Founded in 1951 as Empresa Colombiana de Petróleos, Ecopetrol has expanded beyond Colombia through international exploration and production activities and investments in energy infrastructure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.