Ecopetrol SA (NYSE:EC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $10.00 price objective on the stock. Zacks Investment Research’s price target points to a potential upside of 6.72% from the stock’s previous close.
According to Zacks, “ECOPETROL S.A. is a Colombia-based petroleum company. The Company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia, as well as in other areas in Colombia and northern Peru. The Company’s operation includes the extraction, collection, treatment, storage and pumping or compression of hydrocarbons. Ecopetrol has four management divisions to handle the operation of 163 production fields. Ecopetrol’s production is concentrated in the upper, middle and lower Magdalena, the Eastern Plans and the Caribbean, and the provinces of Putumayo, Cesar and Norte de Santander. “
A number of other research firms have also recently weighed in on EC. Tudor Pickering raised Ecopetrol SA from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Morgan Stanley raised Ecopetrol SA from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $6.50 to $9.50 in a report on Thursday, July 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Ecopetrol SA currently has a consensus rating of “Hold” and a consensus price target of $9.83.
Shares of Ecopetrol SA (NYSE:EC) traded up 1.41% during trading on Wednesday, reaching $9.37. The company had a trading volume of 1,169,213 shares. The firm has a 50-day moving average of $8.82 and a 200 day moving average of $9.06. The firm’s market capitalization is $19.26 billion. Ecopetrol SA has a 52 week low of $5.16 and a 52 week high of $10.29.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Ecopetrol SA by 13.1% in the first quarter. BlackRock Inc. now owns 27,747 shares of the company’s stock valued at $238,000 after buying an additional 3,223 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new position in Ecopetrol SA during the first quarter valued at approximately $305,000. UBS Asset Management Americas Inc. raised its position in Ecopetrol SA by 16.0% in the first quarter. UBS Asset Management Americas Inc. now owns 246,964 shares of the company’s stock valued at $2,127,000 after buying an additional 34,100 shares during the last quarter. OLD Mission Capital LLC acquired a new position in Ecopetrol SA during the first quarter valued at approximately $150,000. Finally, Wellington Management Group LLP raised its position in Ecopetrol SA by 13.5% in the first quarter. Wellington Management Group LLP now owns 7,218,958 shares of the company’s stock valued at $62,155,000 after buying an additional 856,383 shares during the last quarter. Hedge funds and other institutional investors own 2.26% of the company’s stock.
About Ecopetrol SA
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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