Ecopetrol (NYSE:EC) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Ecopetrol from a “buy” to a “hold” rating, adding to a broader cautious tone from analysts covering the stock.
• Several other firms have recently trimmed their views as well, and MarketBeat says Ecopetrol now has a consensus “Reduce” rating with an average target price of $13.14.
• Despite the downgrade, Ecopetrol’s shares were up 1.4% to $15.60, and the company reported last quarter EPS of $0.50 with analysts expecting $2.02 EPS for the full year.

Ecopetrol (NYSE:EC - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Sunday.

A number of other equities research analysts have also issued reports on the stock. Zacks Research lowered shares of Ecopetrol from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. UBS Group lifted their price objective on Ecopetrol from $13.50 to $14.00 and gave the company a "neutral" rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. boosted their target price on Ecopetrol from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Monday, June 1st. Citigroup lowered Ecopetrol from a "buy" rating to a "neutral" rating and upped their target price for the stock from $14.00 to $18.00 in a research report on Wednesday, June 3rd. Finally, Weiss Ratings raised Ecopetrol from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 29th. Seven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Ecopetrol has a consensus rating of "Reduce" and an average target price of $13.14.

Ecopetrol Stock Up 1.4%

Shares of EC stock traded up $0.21 on Friday, reaching $15.60. 2,766,087 shares of the company's stock traded hands, compared to its average volume of 2,990,687. Ecopetrol has a 12-month low of $8.27 and a 12-month high of $17.75. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.30 and a current ratio of 1.55. The company has a market capitalization of $32.07 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 0.66 and a beta of 0.45. The business's 50 day moving average price is $14.75 and its two-hundred day moving average price is $13.41.

Ecopetrol (NYSE:EC - Get Free Report) last released its earnings results on Tuesday, March 31st. The oil and gas company reported $0.50 earnings per share for the quarter. Ecopetrol had a return on equity of 12.38% and a net margin of 8.84%. On average, equities analysts forecast that Ecopetrol will post 2.02 earnings per share for the current year.

Hedge Funds Weigh In On Ecopetrol

A number of institutional investors have recently made changes to their positions in EC. Smartleaf Asset Management LLC acquired a new stake in Ecopetrol in the 2nd quarter valued at approximately $25,000. ORG Partners LLC boosted its position in shares of Ecopetrol by 301.3% in the fourth quarter. ORG Partners LLC now owns 2,568 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 1,928 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Ecopetrol by 221.4% in the fourth quarter. Farther Finance Advisors LLC now owns 3,898 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 2,685 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Ecopetrol in the third quarter worth $40,000. Finally, Ramsey Quantitative Systems bought a new position in Ecopetrol during the second quarter worth $58,000.

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.

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