Ecopetrol (NYSE:EC) Upgraded by StockNews.com to Buy Rating

Ecopetrol (NYSE:EC) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

A number of other equities analysts have also recently commented on the company. The Goldman Sachs Group lowered their price target on Ecopetrol from $11.00 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price objective on Ecopetrol from $8.50 to $7.50 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $8.50.

Ecopetrol Price Performance

NYSE EC traded up $0.24 during midday trading on Monday, hitting $8.17. The company had a trading volume of 5,213,218 shares, compared to its average volume of 2,119,778. The company has a market capitalization of $16.79 billion, a PE ratio of 3.60 and a beta of 1.21. The company has a current ratio of 1.48, a quick ratio of 1.21 and a debt-to-equity ratio of 1.00. The firm has a 50-day moving average price of $8.42 and a 200-day moving average price of $10.16. Ecopetrol has a twelve month low of $7.21 and a twelve month high of $13.14.

Hedge Funds Weigh In On Ecopetrol

Several large investors have recently made changes to their positions in EC. MQS Management LLC purchased a new stake in Ecopetrol during the 1st quarter valued at $125,000. Earnest Partners LLC grew its position in shares of Ecopetrol by 1.2% during the 1st quarter. Earnest Partners LLC now owns 510,803 shares of the oil and gas company’s stock valued at $6,048,000 after acquiring an additional 5,844 shares during the period. Cetera Advisors LLC bought a new stake in shares of Ecopetrol during the 1st quarter valued at $141,000. GAMMA Investing LLC grew its position in shares of Ecopetrol by 58.2% during the 2nd quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 2,355 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in shares of Ecopetrol during the 2nd quarter valued at $1,890,000.

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.