Millennium Management LLC Purchases Shares of 381,227 Ecopetrol S.A. (NYSE:EC)

Millennium Management LLC bought a new position in Ecopetrol S.A. (NYSE:EC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 381,227 shares of the oil and gas company's stock, valued at approximately $3,019,000.

Several other institutional investors have also recently made changes to their positions in EC. Lindbrook Capital LLC increased its holdings in shares of Ecopetrol by 317.5% in the 4th quarter. Lindbrook Capital LLC now owns 4,784 shares of the oil and gas company's stock worth $38,000 after purchasing an additional 3,638 shares in the last quarter. Platinum Investment Management Ltd. purchased a new position in Ecopetrol during the fourth quarter valued at $44,000. Blue Trust Inc. raised its holdings in Ecopetrol by 33.5% during the fourth quarter. Blue Trust Inc. now owns 8,480 shares of the oil and gas company's stock valued at $67,000 after acquiring an additional 2,128 shares during the period. SG Americas Securities LLC bought a new stake in Ecopetrol during the fourth quarter valued at about $86,000. Finally, Signaturefd LLC raised its holdings in Ecopetrol by 13.1% during the fourth quarter. Signaturefd LLC now owns 10,978 shares of the oil and gas company's stock valued at $87,000 after acquiring an additional 1,271 shares during the period.

Ecopetrol Stock Down 0.1%

Shares of NYSE EC traded down $0.01 during mid-day trading on Wednesday, reaching $8.65. 2,559,535 shares of the company were exchanged, compared to its average volume of 2,431,269. The company has a quick ratio of 1.38, a current ratio of 1.68 and a debt-to-equity ratio of 1.00. The stock has a market cap of $17.78 billion, a price-to-earnings ratio of 4.14 and a beta of 0.82. Ecopetrol S.A. has a 1 year low of $7.21 and a 1 year high of $12.67. The firm has a 50-day moving average of $8.72 and a 200 day moving average of $8.88.

Ecopetrol Cuts Dividend

The business also recently disclosed an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Monday, April 28th were paid a dividend of $0.5202 per share. This represents a dividend yield of 34.2%. The ex-dividend date was Monday, April 28th. Ecopetrol's dividend payout ratio (DPR) is currently 90.96%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on EC. Citigroup raised Ecopetrol from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $9.00 to $14.00 in a research note on Tuesday, February 18th. JPMorgan Chase & Co. upgraded Ecopetrol from an "underweight" rating to a "neutral" rating and boosted their price target for the company from $7.50 to $9.50 in a report on Thursday, February 13th. Finally, Wall Street Zen downgraded Ecopetrol from a "buy" rating to a "hold" rating in a report on Monday, March 17th.

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.