Ecopetrol (NYSE:EC) Sets New 52-Week High – Still a Buy?

Shares of Ecopetrol S.A. (NYSE:EC) hit a new 52-week high on Monday . The stock traded as high as $13.34 and last traded at $13.23, with a volume of 1061051 shares trading hands. The stock had previously closed at $12.92.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EC. Weiss Ratings raised shares of Ecopetrol from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, February 17th. Bradesco Corretora set a $12.00 price objective on shares of Ecopetrol and gave the company an “underperform” rating in a research report on Wednesday, February 4th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $8.70 target price on shares of Ecopetrol in a research report on Monday, December 1st. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $10.35.

Ecopetrol Stock Performance

The company has a market cap of $27.45 billion, a price-to-earnings ratio of 11.22 and a beta of 0.64. The company has a current ratio of 1.55, a quick ratio of 1.30 and a debt-to-equity ratio of 0.91. The stock’s 50 day moving average price is $11.86 and its 200 day moving average price is $10.29.

Hedge Funds Weigh In On Ecopetrol

Hedge funds have recently made changes to their positions in the stock. Oaktree Capital Management LP increased its holdings in shares of Ecopetrol by 12.3% during the 2nd quarter. Oaktree Capital Management LP now owns 3,549,822 shares of the oil and gas company’s stock worth $31,416,000 after buying an additional 387,700 shares during the last quarter. Fundamenta Capital S.A. acquired a new position in Ecopetrol in the fourth quarter valued at $20,135,000. Charles Schwab Investment Management Inc. grew its position in Ecopetrol by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,407,890 shares of the oil and gas company’s stock valued at $14,107,000 after acquiring an additional 41,075 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Ecopetrol by 9.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,190,268 shares of the oil and gas company’s stock worth $10,534,000 after acquiring an additional 102,505 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Ecopetrol by 7.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 935,639 shares of the oil and gas company’s stock worth $9,375,000 after purchasing an additional 64,614 shares during the period.

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.