66,837 Ecopetrol S.A. $EC Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC cut its Ecopetrol stake by 83.8%, selling 66,837 shares in the second quarter and retaining 12,890 shares valued at approximately $184,000.
• Several institutions initiated or increased positions, including Wellington Management, the Ohio Public Employees Retirement System and GAMMA Investing.
• Ecopetrol shares opened at $16.38, while analysts remained cautious: the consensus rating was “Reduce” with an average price target of $13.54, despite quarterly revenue of $11.72 billion and EPS of $0.86.

Squarepoint Ops LLC lessened its stake in shares of Ecopetrol S.A. (NYSE:EC - Free Report) by 83.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,890 shares of the oil and gas company's stock after selling 66,837 shares during the quarter. Squarepoint Ops LLC's holdings in Ecopetrol were worth $184,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in EC. Wellington Management Group LLP acquired a new stake in Ecopetrol in the second quarter valued at approximately $1,709,000. Public Employees Retirement System of Ohio acquired a new stake in Ecopetrol in the 2nd quarter valued at $616,000. Ramsey Quantitative Systems bought a new stake in Ecopetrol during the 2nd quarter valued at $58,000. FNY Investment Advisers LLC bought a new stake in Ecopetrol during the 2nd quarter valued at $168,000. Finally, GAMMA Investing LLC raised its holdings in Ecopetrol by 8.3% during the second quarter. GAMMA Investing LLC now owns 35,037 shares of the oil and gas company's stock worth $499,000 after buying an additional 2,699 shares during the last quarter.

Ecopetrol Price Performance

Shares of NYSE:EC opened at $16.38 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.30 and a debt-to-equity ratio of 0.93. The stock has a market cap of $33.68 billion, a PE ratio of 8.67, a price-to-earnings-growth ratio of 1.25 and a beta of 0.44. The stock's fifty day simple moving average is $17.01 and its two-hundred day simple moving average is $15.43. Ecopetrol S.A. has a 1-year low of $8.57 and a 1-year high of $18.38.

Ecopetrol (NYSE:EC - Get Free Report) last posted its earnings results on Wednesday, July 1st. The oil and gas company reported $0.86 earnings per share (EPS) for the quarter. The firm had revenue of $11.72 billion during the quarter. Ecopetrol had a net margin of 11.46% and a return on equity of 18.16%. As a group, analysts forecast that Ecopetrol S.A. will post 1.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Ecopetrol from a "strong sell" rating to a "hold" rating in a report on Friday, September 4th. Weiss Ratings restated a "hold (c)" rating on shares of Ecopetrol in a report on Wednesday, August 26th. JPMorgan Chase & Co. upped their target price on shares of Ecopetrol from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Monday, June 1st. Wall Street Zen cut shares of Ecopetrol from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, UBS Group lifted their price target on Ecopetrol from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $13.54.

Ecopetrol News Summary

Here are the key news stories impacting Ecopetrol this week:

• Positive Sentiment: Ecopetrol reported 35% year-over-year second-quarter revenue growth, a sign of stronger sales and operating performance that could support the investment case. However, the available report does not provide additional details on earnings or cash flow. Ecopetrol stock reports 35 percent Q2 revenue growth
• Neutral Sentiment: Ecopetrol’s board unanimously appointed Joaquín Gutiérrez Caballero as chief executive officer. The decision ends a long-awaited leadership process, potentially removing near-term uncertainty, but investors may scrutinize his strategy, energy policy and relationship with Colombia’s government. Ecopetrol appoints Joaquín Gutiérrez Caballero as CEO
• Negative Sentiment: Reports describe Gutiérrez as an ally of Colombia’s president, raising concerns among some investors about political influence, governance and the direction of the state-controlled oil producer. The appointment was nevertheless viewed as a key decision that markets had been awaiting. Ecopetrol chooses presidential ally as new CEO
• Negative Sentiment: Recent coverage said profits weakened, contributing to pressure on the shares despite the company’s revenue growth. Lower profitability can reduce earnings expectations and limit valuation upside for an energy producer. Ecopetrol stock holds near $16.92 as profits weaken
• Negative Sentiment: A law firm said it is continuing an investigation of Ecopetrol S.A. (EC) on behalf of investors. The announcement does not establish wrongdoing, but it adds headline, litigation and reputational risk. Law firm continues investigation of Ecopetrol

Ecopetrol Company Profile

Ecopetrol SA is an integrated energy company based in Colombia and one of the country's principal producers of oil and natural gas. Its activities include exploration and production of hydrocarbons, crude oil and fuel transportation, refining, petrochemicals, and the distribution and marketing of petroleum products and natural gas.

The company operates through a broad energy infrastructure network that includes pipelines, storage facilities, refineries, ports, and other midstream assets.

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