Ecopetrol (NYSE:EC) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Ecopetrol S.A. (NYSE:EC) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.23 and traded as high as $11.84. Ecopetrol shares last traded at $11.66, with a volume of 2,155,983 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Zacks Research upgraded Ecopetrol from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Bradesco Corretora set a $12.00 target price on Ecopetrol and gave the company an “underperform” rating in a report on Wednesday, February 4th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $8.70 target price on shares of Ecopetrol in a research note on Monday, December 1st. Finally, Weiss Ratings raised shares of Ecopetrol from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, February 17th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $10.35.

Ecopetrol Stock Performance

The company has a debt-to-equity ratio of 0.95, a current ratio of 1.53 and a quick ratio of 1.26. The company has a market cap of $23.97 billion, a price-to-earnings ratio of 9.80 and a beta of 0.64. The firm has a 50 day simple moving average of $11.74 and a 200-day simple moving average of $10.23.

Institutional Investors Weigh In On Ecopetrol

A number of institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd lifted its holdings in shares of Ecopetrol by 1,083.8% in the 4th quarter. XTX Topco Ltd now owns 127,910 shares of the oil and gas company’s stock worth $1,282,000 after acquiring an additional 117,105 shares during the last quarter. Voloridge Investment Management LLC lifted its stake in Ecopetrol by 91.4% during the fourth quarter. Voloridge Investment Management LLC now owns 236,586 shares of the oil and gas company’s stock worth $2,371,000 after purchasing an additional 112,953 shares in the last quarter. Inspire Investing LLC purchased a new position in shares of Ecopetrol during the fourth quarter worth $88,000. Engineers Gate Manager LP grew its stake in shares of Ecopetrol by 43.9% in the fourth quarter. Engineers Gate Manager LP now owns 124,309 shares of the oil and gas company’s stock valued at $1,246,000 after buying an additional 37,943 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Ecopetrol in the fourth quarter valued at $229,000.

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.