Ecopetrol (NYSE:EC) Shares Gap Down - Here's Why

Key Points

• Ecopetrol's stock experienced a decline, opening at $9.19 after closing at $9.41, and is currently trading at $9.22 with a volume of 514,414 shares.
• Wall Street analysts have a consensus rating of "Hold" for Ecopetrol, with an average price target set at $11.75, following an upgrade by Zacks Research.
• Several hedge funds have recently increased their holdings in Ecopetrol, with Oaktree Capital Management LP boosting its position by 12.3% in the second quarter.

Ecopetrol S.A. (NYSE:EC - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $9.41, but opened at $9.19. Ecopetrol shares last traded at $9.22, with a volume of 514,414 shares.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded Ecopetrol from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $11.75.

Ecopetrol Trading Down 2.3%

The firm has a market cap of $18.90 billion, a PE ratio of 7.01 and a beta of 0.88. The business has a fifty day moving average price of $8.96 and a 200 day moving average price of $9.02.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Oaktree Capital Management LP increased its holdings in shares of Ecopetrol by 12.3% in the 2nd quarter. Oaktree Capital Management LP now owns 3,549,822 shares of the oil and gas company's stock valued at $31,416,000 after acquiring an additional 387,700 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Ecopetrol by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,214,426 shares of the oil and gas company's stock valued at $33,559,000 after acquiring an additional 66,567 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ecopetrol by 9.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,190,268 shares of the oil and gas company's stock valued at $10,534,000 after acquiring an additional 102,505 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ecopetrol by 46.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,017,544 shares of the oil and gas company's stock valued at $10,623,000 after acquiring an additional 321,132 shares during the last quarter. Finally, Candriam S.C.A. purchased a new position in shares of Ecopetrol in the 2nd quarter valued at about $7,443,000.

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.

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