Ecopetrol (NYSE:EC – Get Free Report) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $8.50 price objective on the oil and gas company’s stock, down from their previous price objective of $12.00. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 8.90% from the stock’s previous close.
A number of other research firms have also recently weighed in on EC. Bank of America cut Ecopetrol from a “neutral” rating to an “underperform” rating in a report on Thursday, May 30th. The Goldman Sachs Group decreased their target price on shares of Ecopetrol from $11.00 to $9.50 and set a “neutral” rating for the company in a research note on Tuesday. Finally, StockNews.com downgraded shares of Ecopetrol from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Three analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $8.83.
View Our Latest Stock Analysis on Ecopetrol
Ecopetrol Stock Up 0.8 %
Hedge Funds Weigh In On Ecopetrol
A number of institutional investors have recently made changes to their positions in the business. SPX Gestao de Recursos Ltda acquired a new stake in shares of Ecopetrol during the fourth quarter worth approximately $15,652,000. CenterBook Partners LP grew its holdings in Ecopetrol by 136.6% during the 4th quarter. CenterBook Partners LP now owns 334,527 shares of the oil and gas company’s stock worth $3,988,000 after acquiring an additional 193,150 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Ecopetrol in the 2nd quarter worth about $1,890,000. Barings LLC bought a new stake in shares of Ecopetrol in the 2nd quarter worth about $1,830,000. Finally, Virtu Financial LLC acquired a new stake in shares of Ecopetrol in the 2nd quarter valued at about $1,476,000.
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.
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