Ecopetrol (NYSE:EC) Price Target Increased to $11.90 by Analysts at The Goldman Sachs Group

Ecopetrol (NYSE:EC) had its price target upped by The Goldman Sachs Group from $10.30 to $11.90 in a report published on Thursday, Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

Several other equities analysts have also commented on EC. Morgan Stanley lowered Ecopetrol from an equal weight rating to an underweight rating and dropped their target price for the company from $11.00 to $8.50 in a report on Monday, March 4th. JPMorgan Chase & Co. decreased their price objective on shares of Ecopetrol from $12.50 to $12.00 and set a neutral rating for the company in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, Ecopetrol has an average rating of Hold and an average price target of $11.27.

Ecopetrol Stock Performance

Ecopetrol stock opened at $11.34 on Thursday. Ecopetrol has a twelve month low of $8.59 and a twelve month high of $13.14. The stock’s fifty day simple moving average is $11.48 and its 200-day simple moving average is $11.88. The company has a quick ratio of 1.24, a current ratio of 1.47 and a debt-to-equity ratio of 0.90.

Ecopetrol Cuts Dividend

The firm also recently announced a — dividend, which will be paid on Wednesday, July 3rd. Stockholders of record on Tuesday, June 25th will be paid a dividend of $0.7999 per share. The ex-dividend date of this dividend is Tuesday, June 25th. This represents a dividend yield of 19.5%. Ecopetrol’s dividend payout ratio (DPR) is 94.42%.

Institutional Investors Weigh In On Ecopetrol

Several hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC acquired a new stake in Ecopetrol in the first quarter valued at about $47,000. Sunbelt Securities Inc. acquired a new stake in Ecopetrol in the first quarter valued at about $57,000. GAMMA Investing LLC acquired a new stake in Ecopetrol in the fourth quarter valued at about $85,000. Tower Research Capital LLC TRC increased its holdings in Ecopetrol by 2,285.7% in the second quarter. Tower Research Capital LLC TRC now owns 7,491 shares of the oil and gas company’s stock valued at $77,000 after buying an additional 7,177 shares in the last quarter. Finally, US Bancorp DE increased its holdings in Ecopetrol by 250.3% in the fourth quarter. US Bancorp DE now owns 8,011 shares of the oil and gas company’s stock valued at $95,000 after buying an additional 5,724 shares in the last quarter.

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.