Ecopetrol (NYSE:EC) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Ecopetrol S.A. (NYSE:EC) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $10.23 and traded as high as $11.84. Ecopetrol shares last traded at $11.66, with a volume of 2,155,983 shares.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on EC shares. Weiss Ratings raised Ecopetrol from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, February 17th. Zacks Research upgraded shares of Ecopetrol from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Bradesco Corretora set a $12.00 target price on shares of Ecopetrol and gave the stock an “underperform” rating in a report on Wednesday, February 4th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $8.70 price target on shares of Ecopetrol in a research report on Monday, December 1st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $10.35.

Ecopetrol Stock Performance

The stock has a 50-day moving average price of $11.74 and a 200 day moving average price of $10.23. The firm has a market capitalization of $23.97 billion, a price-to-earnings ratio of 9.80 and a beta of 0.64. The company has a quick ratio of 1.26, a current ratio of 1.53 and a debt-to-equity ratio of 0.95.

Institutional Investors Weigh In On Ecopetrol

Institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. acquired a new position in shares of Ecopetrol during the second quarter worth $93,000. Pekin Hardy Strauss Inc. lifted its holdings in Ecopetrol by 3.7% during the 2nd quarter. Pekin Hardy Strauss Inc. now owns 124,573 shares of the oil and gas company’s stock worth $1,102,000 after buying an additional 4,500 shares during the last quarter. Metis Global Partners LLC acquired a new position in shares of Ecopetrol during the 2nd quarter worth about $104,000. Fox Run Management L.L.C. increased its holdings in shares of Ecopetrol by 144.4% in the 2nd quarter. Fox Run Management L.L.C. now owns 38,157 shares of the oil and gas company’s stock valued at $338,000 after acquiring an additional 22,542 shares during the last quarter. Finally, Stokes Family Office LLC increased its holdings in shares of Ecopetrol by 25.2% in the 2nd quarter. Stokes Family Office LLC now owns 212,808 shares of the oil and gas company’s stock valued at $1,883,000 after acquiring an additional 42,819 shares during the last quarter.

Ecopetrol Company Profile

Ecopetrol SA (NYSE: EC) is Colombia’s state-controlled integrated oil and gas company and the country’s largest oil producer. The company’s operations span the upstream, midstream and downstream segments of the hydrocarbon value chain, including exploration and production of crude oil and natural gas, refining of petroleum products, transportation and storage via pipeline networks, and the marketing and sale of fuels and petrochemical feedstocks. Ecopetrol serves domestic demand in Colombia and maintains a portfolio of international investments and partnerships across the Americas.

In upstream activities, Ecopetrol focuses on exploration and development of onshore and offshore fields to sustain and grow hydrocarbon production.