Ecopetrol (NYSE:EC) Trading Down 3.2% - Here's What Happened

Ecopetrol S.A. (NYSE:EC - Get Free Report)'s share price was down 3.2% during mid-day trading on Monday . The company traded as low as $8.42 and last traded at $8.49. Approximately 518,302 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 2,359,741 shares. The stock had previously closed at $8.77.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. raised shares of Ecopetrol from an "underweight" rating to a "neutral" rating and raised their target price for the stock from $7.50 to $9.50 in a report on Thursday, February 13th. StockNews.com cut shares of Ecopetrol from a "buy" rating to a "hold" rating in a research report on Monday, March 17th. Finally, Citigroup raised shares of Ecopetrol from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $9.00 to $14.00 in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $11.00.

Ecopetrol Trading Up 0.9 %

The company has a current ratio of 1.68, a quick ratio of 1.38 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $16.71 billion, a P/E ratio of 3.89 and a beta of 0.86. The stock's fifty day moving average price is $9.42 and its two-hundred day moving average price is $8.78.

Ecopetrol Cuts Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Monday, April 28th will be paid a $0.5202 dividend. This represents a yield of 34.2%. The ex-dividend date of this dividend is Monday, April 28th. Ecopetrol's payout ratio is currently 72.73%.

Hedge Funds Weigh In On Ecopetrol

Institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in Ecopetrol during the first quarter worth about $46,000. Lindbrook Capital LLC lifted its stake in Ecopetrol by 317.5% during the 4th quarter. Lindbrook Capital LLC now owns 4,784 shares of the oil and gas company's stock valued at $38,000 after acquiring an additional 3,638 shares during the period. Platinum Investment Management Ltd. purchased a new stake in shares of Ecopetrol during the 4th quarter valued at about $44,000. Blue Trust Inc. grew its position in Ecopetrol by 33.5% in the 4th quarter. Blue Trust Inc. now owns 8,480 shares of the oil and gas company's stock worth $67,000 after purchasing an additional 2,128 shares during the period. Finally, SG Americas Securities LLC bought a new position in Ecopetrol in the fourth quarter valued at about $86,000.

About Ecopetrol

Ecopetrol SA operates as an integrated energy company. The company operates through four segments: Exploration and Production; Transport and Logistics; Refining, Petrochemical and Biofuels; and Electric Power Transmission and Toll Roads Concessions. It engages in the exploration and production of oil and gas; transportation of crude oil, motor fuels, fuel oil, and other refined products, including diesel, jet, and biofuels; processing and refining crude oil; distribution of natural gas and LPG; sale of refined and petrochemical products; supplying of electric power transmission services; design, development, construction, operation, and maintenance of road and energy infrastructure projects; and supplying of information technology and telecommunications services.