Ecopetrol S.A. (EC) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Ecopetrol S.A. (NYSE:EC) from a hold rating to a buy rating in a research note published on Tuesday. They currently have $11.00 price target on the oil and gas company’s stock.

According to Zacks, “ECOPETROL S.A. is a Colombia-based petroleum company. The Company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia, as well as in other areas in Colombia and northern Peru. The Company’s operation includes the extraction, collection, treatment, storage and pumping or compression of hydrocarbons. Ecopetrol has four management divisions to handle the operation of 163 production fields. Ecopetrol’s production is concentrated in the upper, middle and lower Magdalena, the Eastern Plans and the Caribbean, and the provinces of Putumayo, Cesar and Norte de Santander. “

Several other research firms also recently weighed in on EC. ValuEngine raised Ecopetrol from a hold rating to a buy rating in a research report on Monday, October 2nd. BidaskClub raised Ecopetrol from a strong sell rating to a sell rating in a research report on Wednesday, July 5th. Finally, Scotiabank downgraded Ecopetrol from an outperform rating to a sector perform rating in a research report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $10.50.

Ecopetrol (NYSE:EC) traded up 1.78% during trading on Tuesday, reaching $9.72. The company’s stock had a trading volume of 109,529 shares. Ecopetrol has a 52 week low of $7.65 and a 52 week high of $10.36. The company has a market capitalization of $19.98 billion, a PE ratio of 16.76 and a beta of 1.04. The company has a 50 day moving average price of $9.41 and a 200-day moving average price of $9.31.

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Several hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in shares of Ecopetrol by 5.5% during the first quarter. Envestnet Asset Management Inc. now owns 13,951 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 729 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Ecopetrol by 6.1% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 16,227 shares of the oil and gas company’s stock worth $148,000 after purchasing an additional 928 shares during the last quarter. Comerica Bank boosted its holdings in shares of Ecopetrol by 1.3% during the first quarter. Comerica Bank now owns 118,064 shares of the oil and gas company’s stock worth $1,070,000 after purchasing an additional 1,531 shares during the last quarter. Virtu KCG Holdings LLC boosted its holdings in shares of Ecopetrol by 19.8% during the second quarter. Virtu KCG Holdings LLC now owns 16,579 shares of the oil and gas company’s stock worth $151,000 after purchasing an additional 2,743 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Ecopetrol by 25.1% during the first quarter. Alliancebernstein L.P. now owns 17,656 shares of the oil and gas company’s stock worth $165,000 after purchasing an additional 3,537 shares during the last quarter. Institutional investors and hedge funds own 2.11% of the company’s stock.

Ecopetrol Company Profile

Ecopetrol SA is an oil company. The Company operates in Colombia, Peru, Brazil and the United States Gulf Coast. The Company’s segments include Exploration and Production, Transportation and Logistics, and Refining, Petrochemicals and Biofuels. The Company’s Exploration and Production segment includes exploration, development and production activities in Colombia and abroad.

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Analyst Recommendations for Ecopetrol (NYSE:EC)

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