Ecopetrol (NYSE:EC) Sets New 52-Week High – Still a Buy?

Ecopetrol S.A. (NYSE:EC) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $13.34 and last traded at $13.23, with a volume of 1061051 shares. The stock had previously closed at $12.92.

Analyst Upgrades and Downgrades

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

Ecopetrol Price Performance

The company has a market cap of $27.45 billion, a price-to-earnings ratio of 11.22 and a beta of 0.64. The company’s 50-day simple moving average is $11.86 and its 200-day simple moving average is $10.29. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.55 and a quick ratio of 1.30.

Hedge Funds Weigh In On Ecopetrol

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EC. Y Intercept Hong Kong Ltd grew its stake in shares of Ecopetrol by 0.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 253,797 shares of the oil and gas company’s stock valued at $2,337,000 after acquiring an additional 1,100 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Ecopetrol by 7.1% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 21,180 shares of the oil and gas company’s stock worth $195,000 after acquiring an additional 1,400 shares in the last quarter. ORG Partners LLC boosted its holdings in Ecopetrol by 301.3% in the fourth quarter. ORG Partners LLC now owns 2,568 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,928 shares during the last quarter. St. Louis Financial Planners Asset Management LLC grew its stake in Ecopetrol by 11.3% during the 3rd quarter. St. Louis Financial Planners Asset Management LLC now owns 19,494 shares of the oil and gas company’s stock valued at $180,000 after purchasing an additional 1,986 shares in the last quarter. Finally, Ping Capital Management Inc. grew its stake in Ecopetrol by 5.1% during the 4th quarter. Ping Capital Management Inc. now owns 41,000 shares of the oil and gas company’s stock valued at $411,000 after purchasing an additional 2,000 shares in the last quarter.

About Ecopetrol

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.