Ecopetrol (NYSE:EC) Stock Bumped Up to Strong-Buy by Wall Street Zen

Ecopetrol (NYSE:EC) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

EC has been the subject of several other research reports. Jefferies Financial Group upgraded shares of Ecopetrol from an “underperform” rating to a “hold” rating and upped their price target for the company from $9.00 to $19.00 in a research report on Thursday, October 29th. The Goldman Sachs Group reissued a “neutral” rating and set a $17.70 price objective on shares of Ecopetrol in a research report on Wednesday, October 7th. UBS Group lifted their price objective on shares of Ecopetrol from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, August 14th. Weiss Ratings cut shares of Ecopetrol from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday. Finally, Zacks Research raised shares of Ecopetrol from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Ecopetrol has an average rating of “Hold” and an average target price of $15.95.

Ecopetrol Stock Up 0.7%

Shares of NYSE EC opened at $15.43 on Friday. The business has a 50-day moving average price of $16.94 and a 200 day moving average price of $15.24. The stock has a market cap of $31.71 billion, a PE ratio of 8.11, a price-to-earnings-growth ratio of 1.40 and a beta of 0.45. The company has a quick ratio of 1.24, a current ratio of 1.51 and a debt-to-equity ratio of 0.86. Ecopetrol has a 52-week low of $9.20 and a 52-week high of $18.38.

Institutional Trading of Ecopetrol

Several hedge funds have recently made changes to their positions in the company. Allianz SE raised its holdings in Ecopetrol by 121.9% during the third quarter. Allianz SE now owns 179,026 shares of the oil and gas company’s stock worth $2,950,000 after purchasing an additional 98,363 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in Ecopetrol in the 3rd quarter valued at approximately $280,000. Private Advisor Group LLC purchased a new stake in Ecopetrol in the 3rd quarter valued at approximately $366,000. Focus Advisor Solutions LLC boosted its holdings in Ecopetrol by 61.6% in the 3rd quarter. Focus Advisor Solutions LLC now owns 22,686 shares of the oil and gas company’s stock valued at $374,000 after purchasing an additional 8,648 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in Ecopetrol by 6,506.9% during the 3rd quarter. Bessemer Group Inc. now owns 19,028 shares of the oil and gas company’s stock worth $314,000 after purchasing an additional 18,740 shares during the period.

Ecopetrol News Summary

Investors following EC have been watching these news items:

• Positive Sentiment: Ecopetrol reported third-quarter EPS of $0.70, above the $0.64 consensus, and revenue of $10.58 billion, ahead of expectations of $10.45 billion. Net profit jumped 86% year over year, a result that could support investor sentiment. Reuters: Colombia Ecopetrol’s net profit jumps 86% in Q3
• Neutral Sentiment: The CEO said Ecopetrol is in talks for a 10-year Venezuelan gas supply deal. The agreement could help address supply needs, but negotiations are ongoing and the potential benefits are not yet secured. Ecopetrol in talks for 10-year Venezuela gas supply deal
• Negative Sentiment: Reporting on Colombia’s tight gas market points to a potential operational and supply challenge. This could temper the positive earnings news if gas availability remains constrained. Ecopetrol Grapples With Colombia’s Tight Gas Market

Ecopetrol Company Profile

Ecopetrol S.A. is an integrated energy company headquartered in Bogotá, Colombia. Founded in 1951, it is majority-owned by the Colombian government and is one of the country’s major producers of oil and natural gas. The company explores for and produces hydrocarbons, transports them through pipeline networks, and refines crude oil into products such as gasoline, diesel and jet fuel. Its operations also include petrochemicals and natural gas activities, with refining facilities in Colombia. Ecopetrol’s business is centered in Colombia, with additional oil and gas activities in other countries.