Ecopetrol (NYSE:EC) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Ecopetrol (NYSE:EC) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $13.00 price objective 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. “

EC has been the topic of several other reports. Citigroup upgraded shares of Ecopetrol from a neutral rating to a buy rating in a research report on Friday, July 17th. TheStreet lowered shares of Ecopetrol from a b- rating to a c rating in a research report on Wednesday, April 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Ecopetrol presently has an average rating of Buy and an average price target of $15.63.

NYSE:EC opened at $11.64 on Wednesday. Ecopetrol has a 1 year low of $6.28 and a 1 year high of $20.95. The firm’s fifty day simple moving average is $11.58 and its 200 day simple moving average is $13.21. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $23.93 billion, a PE ratio of 7.05 and a beta of 1.87.

Ecopetrol (NYSE:EC) last posted its earnings results on Monday, May 11th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). Ecopetrol had a net margin of 17.10% and a return on equity of 11.24%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.18 billion. As a group, analysts anticipate that Ecopetrol will post 0.34 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of EC. PNC Financial Services Group Inc. lifted its holdings in Ecopetrol by 33.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,737 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 2,174 shares during the last quarter. Royal Bank of Canada lifted its holdings in Ecopetrol by 1,696.7% during the 1st quarter. Royal Bank of Canada now owns 8,588 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 8,110 shares during the last quarter. Atlas Capital Advisors LLC lifted its holdings in Ecopetrol by 725.7% during the 1st quarter. Atlas Capital Advisors LLC now owns 8,810 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 7,743 shares during the last quarter. Balyasny Asset Management LLC bought a new position in Ecopetrol during the 1st quarter valued at about $102,000. Finally, Trexquant Investment LP bought a new position in Ecopetrol during the 1st quarter valued at about $109,000. Institutional investors and hedge funds own 2.21% of the company’s stock.

About Ecopetrol

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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