Ecopetrol (NYSE:EC) Shares Gap Down – Time to Sell?

Ecopetrol S.A. (NYSE:EC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $14.83, but opened at $14.02. Ecopetrol shares last traded at $14.3850, with a volume of 857,455 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on EC shares. Bradesco Corretora set a $12.00 price objective on shares of Ecopetrol and gave the stock an “underperform” rating in a research report on Wednesday, February 4th. Wall Street Zen cut shares of Ecopetrol from a “buy” rating to a “hold” rating in a research note on Sunday. 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. HSBC raised Ecopetrol to a “hold” rating in a research report on Thursday, March 12th. Finally, Weiss Ratings upgraded Ecopetrol from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, February 17th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $10.35.

Ecopetrol Trading Down 4.5%

The stock has a 50 day simple moving average of $12.59 and a 200-day simple moving average of $10.63. The company has a current ratio of 1.55, a quick ratio of 1.30 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $29.12 billion, a P/E ratio of 11.89 and a beta of 0.64.

Hedge Funds Weigh In On Ecopetrol

Several hedge funds have recently modified their holdings of the stock. Oaktree Capital Management LP boosted its stake in Ecopetrol by 12.3% during the second quarter. Oaktree Capital Management LP now owns 3,549,822 shares of the oil and gas company’s stock valued at $31,416,000 after buying an additional 387,700 shares during the last quarter. Fundamenta Capital S.A. purchased a new position in shares of Ecopetrol in the 4th quarter worth $20,135,000. Charles Schwab Investment Management Inc. raised its position in shares of Ecopetrol by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,407,890 shares of the oil and gas company’s stock valued at $14,107,000 after buying an additional 41,075 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Ecopetrol by 9.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,190,268 shares of the oil and gas company’s stock worth $10,534,000 after acquiring an additional 102,505 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Ecopetrol by 7.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 935,639 shares of the oil and gas company’s stock valued at $9,375,000 after purchasing an additional 64,614 shares during the period.

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.