Shares of Ecopetrol SA (NYSE:EC) saw strong trading volume on Thursday . 828,138 shares changed hands during mid-day trading, a decline of 21% from the previous session’s volume of 1,046,421 shares.The stock last traded at $9.12 and had previously closed at $9.18.

Several analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Ecopetrol SA from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Thursday. Morgan Stanley upgraded shares of Ecopetrol SA from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $6.50 to $9.50 in a research note on Thursday. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $9.13.

The firm’s 50-day moving average is $9.34 and its 200-day moving average is $8.19. The company’s market capitalization is $19.00 billion.

Other institutional investors have recently made changes to their positions in the company. Morgan Stanley raised its position in shares of Ecopetrol SA by 64.2% in the fourth quarter. Morgan Stanley now owns 226,252 shares of the company’s stock valued at $1,586,000 after buying an additional 88,426 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Ecopetrol SA by 12.8% in the fourth quarter. Advisors Asset Management Inc. now owns 240,997 shares of the company’s stock valued at $1,689,000 after buying an additional 27,358 shares in the last quarter. Aberdeen Asset Management PLC UK raised its position in shares of Ecopetrol SA by 2.7% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 324,700 shares of the company’s stock valued at $3,084,000 after buying an additional 8,600 shares in the last quarter. Bailard Inc. purchased a new position in shares of Ecopetrol SA during the fourth quarter valued at approximately $3,435,000. Finally, Nationwide Fund Advisors purchased a new position in shares of Ecopetrol SA during the fourth quarter valued at approximately $3,435,000.

Ecopetrol SA is an oil company. The Company’s business segments include Exploration and Production; Transportation and Logistics, and Refining, Petrochemicals, and Biofuels. The Exploration and Production business segment includes exploration, development and production activities in Colombia and abroad.

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