Ecopetrol S.A. $EC Stake Lifted 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. raised its holdings in Ecopetrol S.A. (NYSE:EC - Free Report) by 12.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.05% of Ecopetrol worth $11,356,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Blume Capital Management Inc. acquired a new position in shares of Ecopetrol in the 1st quarter valued at approximately $28,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Ecopetrol in the 1st quarter valued at approximately $46,000. Public Employees Retirement System of Ohio acquired a new position in shares of Ecopetrol in the 4th quarter valued at approximately $97,000. Avantax Advisory Services Inc. acquired a new position in shares of Ecopetrol in the 1st quarter valued at approximately $106,000. Finally, Sowell Financial Services LLC acquired a new position in shares of Ecopetrol in the 1st quarter valued at approximately $116,000.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Ecopetrol from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Ecopetrol currently has a consensus rating of "Hold" and a consensus price target of $11.00.

Ecopetrol Trading Down 1.1%

EC traded down $0.10 during trading on Friday, reaching $9.15. 1,262,643 shares of the company were exchanged, compared to its average volume of 1,664,944. The stock has a market cap of $18.81 billion, a P/E ratio of 6.98 and a beta of 0.88. The firm has a 50 day moving average of $8.90 and a 200 day moving average of $9.07. Ecopetrol S.A. has a 52 week low of $7.21 and a 52 week high of $11.05.

Ecopetrol Profile

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.