Ecopetrol (NYSE:EC) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Ecopetrol from “hold” to “strong sell,” while the broader analyst consensus stands at “Reduce,” with six holds and two sells and an average price target of $13.14.
• Ecopetrol shares opened at $16.34, near their one-year high of $17.75 and above the consensus target. The company has a $33.58 billion market capitalization and reported quarterly EPS of $0.50.
• Institutional activity was mixed, with several firms establishing new positions and Farther Finance Advisors increasing its stake by 221.4%.

Ecopetrol (NYSE:EC - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other brokerages have also issued reports on EC. Weiss Ratings raised shares of Ecopetrol from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 29th. UBS Group boosted their price target on Ecopetrol from $13.50 to $14.00 and gave the company a "neutral" rating in a report on Wednesday, May 27th. Wall Street Zen cut Ecopetrol from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Citigroup cut Ecopetrol from a "buy" rating to a "neutral" rating and boosted their target price for the company from $14.00 to $18.00 in a research note on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. upped their target price on Ecopetrol from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Monday, June 1st. Six research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $13.14.

Ecopetrol Price Performance

Shares of NYSE:EC opened at $16.34 on Tuesday. The company's fifty day moving average price is $15.69 and its 200-day moving average price is $14.18. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.55 and a quick ratio of 1.30. The firm has a market capitalization of $33.58 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.21 and a beta of 0.44. Ecopetrol has a one year low of $8.45 and a one year high of $17.75.

Ecopetrol (NYSE:EC - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The oil and gas company reported $0.50 earnings per share (EPS) for the quarter. Ecopetrol had a net margin of 8.84% and a return on equity of 12.38%. On average, equities research analysts anticipate that Ecopetrol will post 1.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC bought a new position in shares of Ecopetrol during the second quarter valued at $25,000. Farther Finance Advisors LLC boosted its stake in Ecopetrol by 221.4% in the 4th quarter. Farther Finance Advisors LLC now owns 3,898 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 2,685 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Ecopetrol during the 3rd quarter valued at about $40,000. Ramsey Quantitative Systems purchased a new stake in Ecopetrol during the 2nd quarter valued at about $58,000. Finally, Inspire Investing LLC bought a new stake in Ecopetrol during the 4th quarter valued at about $88,000.

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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