Ecopetrol (NYSE:EC) Trading 4.9% Higher - Here's What Happened

Key Points

• Ecopetrol shares rose 4.9% to approximately $17.49 in mid-day trading, though volume was 57% below the stock’s average daily volume.
• Analyst sentiment remains cautious: six analysts rate the stock “Hold” and two rate it “Sell,” producing a consensus rating of “Reduce” and an average target price of $13.54.
• The company reported quarterly EPS of $0.86 on $11.72 billion in revenue, with an 18.16% return on equity and an 11.46% net margin; several institutional investors also recently initiated or increased positions.

Ecopetrol S.A. (NYSE:EC - Get Free Report)'s share price rose 4.9% during mid-day trading on Tuesday . The stock traded as high as $17.47 and last traded at $17.4920. Approximately 1,298,701 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 3,004,107 shares. The stock had previously closed at $16.67.

Analyst Upgrades and Downgrades

EC has been the subject of several research analyst reports. Zacks Research cut shares of Ecopetrol from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. raised their price target on shares of Ecopetrol from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Monday, June 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ecopetrol in a research report on Wednesday, August 26th. Citigroup cut shares of Ecopetrol from a "buy" rating to a "neutral" rating and increased their target price for the company from $14.00 to $18.00 in a research note on Wednesday, June 3rd. Finally, Wall Street Zen downgraded Ecopetrol from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Six investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $13.54.

Ecopetrol Price Performance

The stock has a market cap of $35.98 billion, a price-to-earnings ratio of 9.26, a price-to-earnings-growth ratio of 1.22 and a beta of 0.44. The company has a quick ratio of 1.30, a current ratio of 1.55 and a debt-to-equity ratio of 0.93. The company's 50-day moving average is $16.17 and its 200-day moving average is $14.78.

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

Institutional Investors Weigh In On Ecopetrol

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP bought a new stake in shares of Ecopetrol in the 2nd quarter worth about $1,709,000. Public Employees Retirement System of Ohio acquired a new position in Ecopetrol in the second quarter valued at about $616,000. Ramsey Quantitative Systems bought a new stake in Ecopetrol during the second quarter worth about $58,000. FNY Investment Advisers LLC bought a new stake in Ecopetrol during the second quarter worth about $168,000. Finally, GAMMA Investing LLC increased its holdings in shares of 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 in the last quarter.

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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