The Goldman Sachs Group Boosts Ecopetrol (NYSE:EC) Price Target to $11.90

Ecopetrol (NYSE:EC) had its target price upped by The Goldman Sachs Group from $10.30 to $11.90 in a research report report published on Thursday, Benzinga reports. They currently have a neutral rating on the oil and gas company’s stock.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. reduced their price target on shares of Ecopetrol from $12.50 to $12.00 and set a neutral rating for the company in a research note on Tuesday, February 20th. Morgan Stanley lowered shares of Ecopetrol from an equal weight rating to an underweight rating and cut their target price for the company from $11.00 to $8.50 in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $11.27.

Ecopetrol Stock Down 1.0 %

Ecopetrol stock opened at $11.34 on Thursday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.47 and a quick ratio of 1.24. The firm has a 50-day moving average price of $11.48 and a two-hundred day moving average price of $11.88. Ecopetrol has a 52-week low of $8.59 and a 52-week high of $13.14.

Ecopetrol Cuts Dividend

The company also recently declared a — dividend, which will be paid on Wednesday, July 3rd. Investors of record on Tuesday, June 25th will be given a $0.7999 dividend. The ex-dividend date of this dividend is Tuesday, June 25th. This represents a dividend yield of 19.5%. Ecopetrol’s dividend payout ratio (DPR) is presently 94.42%.

Institutional Investors Weigh In On Ecopetrol

Hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC purchased a new stake in shares of Ecopetrol in the 1st quarter valued at approximately $47,000. Sunbelt Securities Inc. purchased a new stake in shares of Ecopetrol in the 1st quarter valued at approximately $57,000. GAMMA Investing LLC purchased a new stake in shares of Ecopetrol in the 4th quarter valued at approximately $85,000. Tower Research Capital LLC TRC lifted its position in shares of Ecopetrol by 2,285.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,491 shares of the oil and gas company’s stock valued at $77,000 after acquiring an additional 7,177 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Ecopetrol by 250.3% in the 4th quarter. US Bancorp DE now owns 8,011 shares of the oil and gas company’s stock valued at $95,000 after acquiring an additional 5,724 shares in the last quarter.

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.