ValuEngine Downgrades Ecopetrol S.A. (NYSE:EC) to Hold

Ecopetrol S.A. (NYSE:EC) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

Several other research analysts also recently issued reports on EC. Zacks Investment Research downgraded shares of Ecopetrol from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 25th. TheStreet raised shares of Ecopetrol from a “d+” rating to a “c” rating in a research report on Wednesday, May 17th. Morgan Stanley downgraded shares of Ecopetrol from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $9.40 to $8.00 in a research report on Wednesday, May 31st. HSBC Holdings plc raised shares of Ecopetrol from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Monday, June 5th. Finally, BidaskClub downgraded shares of Ecopetrol from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Ecopetrol has an average rating of “Hold” and an average target price of $10.25.

Shares of Ecopetrol (NYSE:EC) opened at 9.29 on Tuesday. The company has a market cap of $19.10 billion, a P/E ratio of 19.35 and a beta of 1.05. Ecopetrol has a 52 week low of $7.65 and a 52 week high of $10.36. The firm has a 50-day moving average of $9.10 and a 200 day moving average of $9.26.

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Several hedge funds have recently modified their holdings of EC. Fox Run Management L.L.C. purchased a new stake in shares of Ecopetrol during the first quarter valued at $152,000. Nationwide Fund Advisors increased its stake in shares of Ecopetrol by 145.7% in the first quarter. Nationwide Fund Advisors now owns 403,400 shares of the oil and gas company’s stock valued at $3,760,000 after buying an additional 239,200 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Ecopetrol by 53.6% in the first quarter. Acadian Asset Management LLC now owns 468,837 shares of the oil and gas company’s stock valued at $4,369,000 after buying an additional 163,561 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Ecopetrol by 1.2% in the first quarter. Russell Investments Group Ltd. now owns 3,970,350 shares of the oil and gas company’s stock valued at $37,003,000 after buying an additional 47,901 shares during the last quarter. Finally, Wetherby Asset Management Inc. increased its stake in shares of Ecopetrol by 22.3% in the first quarter. Wetherby Asset Management Inc. now owns 18,268 shares of the oil and gas company’s stock valued at $170,000 after buying an additional 3,327 shares during the last quarter. 2.22% of the stock is currently owned by institutional investors and hedge funds.

About Ecopetrol

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.

Analyst Recommendations for Ecopetrol (NYSE:EC)

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