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

Key Points

• Ecopetrol shares gapped down, opening at $14.02 versus a prior close of $14.83 and trading down about 4.5% on roughly 857,455 shares.
• Analyst sentiment is weak—four Holds and one Sell produce an average rating of Reduce with an average price target of $10.35.
• The company is Colombia’s state-controlled integrated oil & gas producer with a market cap of $29.12 billion, a trailing P/E of 11.89 and a debt-to-equity ratio of 0.91.

Ecopetrol S.A. (NYSE:EC - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $14.83, but opened at $14.02. Ecopetrol shares last traded at $14.3850, with a volume of 857,455 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on EC shares. HSBC upgraded Ecopetrol to a "hold" rating in a research note on Thursday, March 12th. Bradesco Corretora set a $12.00 target price on Ecopetrol and gave the company an "underperform" rating in a research note on Wednesday, February 4th. Weiss Ratings upgraded Ecopetrol from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, February 17th. The Goldman Sachs Group restated a "neutral" rating and issued a $8.70 price objective on shares of Ecopetrol in a research note on Monday, December 1st. Finally, Wall Street Zen downgraded shares of Ecopetrol from a "buy" rating to a "hold" rating in a research note on Sunday. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $10.35.

Ecopetrol Trading Down 4.5%

The stock has a market capitalization of $29.12 billion, a PE ratio of 11.89 and a beta of 0.64. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.30 and a current ratio of 1.55. The business's 50-day moving average is $12.59 and its two-hundred day moving average is $10.63.

Hedge Funds Weigh In On Ecopetrol

Several institutional investors and hedge funds have recently added to or reduced their stakes in EC. Smartleaf Asset Management LLC acquired a new position in Ecopetrol during the second quarter worth $25,000. ORG Partners LLC grew its stake in shares of Ecopetrol by 301.3% during the 4th quarter. ORG Partners LLC now owns 2,568 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 1,928 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Ecopetrol by 221.4% during 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 during the period. Advisory Services Network LLC purchased a new position in shares of Ecopetrol in the 3rd quarter valued at about $40,000. Finally, Inspire Investing LLC acquired a new stake in shares of Ecopetrol in the fourth quarter valued at about $88,000.

Ecopetrol Company Profile

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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