Wall Street Zen Upgrades Ecopetrol (NYSE:EC) to “Strong-Buy”

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

A number of other equities analysts have also recently weighed in on EC. Weiss Ratings cut shares of Ecopetrol from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. Zacks Research upgraded shares of Ecopetrol from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Jefferies Financial Group upgraded shares of Ecopetrol from an “underperform” rating to a “hold” rating and raised their price objective for the company from $9.00 to $19.00 in a research note 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 report on Wednesday, October 7th. Finally, UBS Group upped their target price on shares of Ecopetrol from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. One equities research 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, the company currently has a consensus rating of “Hold” and an average price target of $15.95.

Ecopetrol Price Performance

Ecopetrol stock opened at $15.43 on Friday. Ecopetrol has a one year low of $9.20 and a one year high of $18.38. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.24 and a current ratio of 1.51. The business has a fifty day moving average of $16.94 and a two-hundred day moving average of $15.24. The company has a market cap of $31.71 billion, a P/E ratio of 8.11, a price-to-earnings-growth ratio of 1.40 and a beta of 0.45.

Hedge Funds Weigh In On Ecopetrol

Several hedge funds and other institutional investors have recently bought and sold shares of EC. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Ecopetrol in the 3rd quarter valued at about $61,000. Ramsey Quantitative Systems acquired a new position in Ecopetrol during the second quarter worth about $58,000. Farther Finance Advisors LLC raised its position in Ecopetrol by 10.4% during the third quarter. Farther Finance Advisors LLC now owns 6,347 shares of the oil and gas company’s stock worth $105,000 after acquiring an additional 599 shares during the last quarter. Parallel Advisors LLC raised its position in Ecopetrol by 34.8% during the first quarter. Parallel Advisors LLC now owns 7,890 shares of the oil and gas company’s stock worth $118,000 after acquiring an additional 2,038 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Ecopetrol in the second quarter valued at about $168,000.

Ecopetrol News Roundup

These are some of the EC news items that stood out recently:

• 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

About Ecopetrol

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.