Royal Bank of Canada grew its stake in Ecopetrol SA (NYSE:EC) by 1,696.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,588 shares of the oil and gas company’s stock after buying an additional 8,110 shares during the period. Royal Bank of Canada’s holdings in Ecopetrol were worth $82,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of EC. APG Asset Management N.V. increased its stake in shares of Ecopetrol by 74.7% in the first quarter. APG Asset Management N.V. now owns 1,836,800 shares of the oil and gas company’s stock valued at $35,072,000 after buying an additional 785,600 shares during the period. Luminus Management LLC acquired a new stake in shares of Ecopetrol in the first quarter valued at about $6,470,000. Aperio Group LLC increased its stake in shares of Ecopetrol by 57.8% in the first quarter. Aperio Group LLC now owns 713,827 shares of the oil and gas company’s stock valued at $6,788,000 after buying an additional 261,606 shares during the period. Citigroup Inc. increased its stake in shares of Ecopetrol by 1,280.7% in the first quarter. Citigroup Inc. now owns 249,099 shares of the oil and gas company’s stock valued at $2,369,000 after buying an additional 231,058 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Ecopetrol by 352.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 268,702 shares of the oil and gas company’s stock valued at $2,555,000 after purchasing an additional 209,357 shares in the last quarter. 2.21% of the stock is owned by institutional investors.
Several equities research analysts recently commented on the company. Citigroup upgraded Ecopetrol from a “neutral” rating to a “buy” rating in a research report on Friday, July 17th. Zacks Investment Research upgraded Ecopetrol from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $15.63.
Ecopetrol (NYSE:EC) last announced its quarterly earnings results on Monday, May 11th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.01). The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.18 billion. Ecopetrol had a return on equity of 11.24% and a net margin of 17.10%. On average, equities analysts forecast that Ecopetrol SA will post 0.34 earnings per share for the current fiscal year.
Ecopetrol SA operates as an integrated oil and gas company. The company operates through three segments: Exploration and Production; Transport and Logistics; and Refining, Petrochemical, and Biofuels. It produces crude oil and gas; and engages in the extraction, collection, treatment, storage, commercialization, and pumping.
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