Ecopetrol S.A. $EC Position Boosted by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Ecopetrol S.A. by 12.3%, acquiring an additional 119,323 shares, bringing its total to approximately 1.09 million shares valued at $11.36 million.
• Other investment firms such as Vanguard Group Inc. and Charles Schwab Investment Management Inc. also raised their holdings in Ecopetrol by 2.1% and 46.1%, respectively, signaling increased institutional interest in the company.
• The stock price of Ecopetrol has seen a modest increase of 1.4%, with a current market cap of $19.04 billion and a consensus rating of "Hold" among analysts, along with an average price target of $11.00.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Ecopetrol S.A. (NYSE:EC - Free Report) by 12.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,087,763 shares of the oil and gas company's stock after purchasing an additional 119,323 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.05% of Ecopetrol worth $11,356,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of EC. Blume Capital Management Inc. acquired a new stake in shares of Ecopetrol in the 1st quarter valued at about $28,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Ecopetrol during the first quarter worth $46,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Ecopetrol during the fourth quarter worth $97,000. Avantax Advisory Services Inc. acquired a new stake in shares of Ecopetrol during the first quarter worth $106,000. Finally, Sowell Financial Services LLC acquired a new stake in shares of Ecopetrol during the first quarter worth $116,000.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised shares of Ecopetrol from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Ecopetrol currently has a consensus rating of "Hold" and an average price target of $11.00.

Ecopetrol Trading Up 0.6%

EC traded up $0.06 on Monday, reaching $9.20. The company had a trading volume of 335,216 shares, compared to its average volume of 2,453,317. The company has a fifty day moving average of $8.90 and a 200-day moving average of $9.05. The company has a market capitalization of $18.90 billion, a P/E ratio of 7.02 and a beta of 0.88. Ecopetrol S.A. has a one year low of $7.21 and a one year high of $11.05.

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.