Ecopetrol (NYSE:EC) Shares Gap Down – Here’s What Happened

Ecopetrol S.A. (NYSE:EC) gapped down before the market opened on Monday . The stock had previously closed at $14.83, but opened at $14.02. Ecopetrol shares last traded at $14.3850, with a volume of 857,455 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wall Street Zen downgraded Ecopetrol from a “buy” rating to a “hold” rating in a research report on Sunday. Weiss Ratings upgraded Ecopetrol from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, February 17th. The Goldman Sachs Group reissued a “neutral” rating and set a $8.70 price objective on shares of Ecopetrol in a report on Monday, December 1st. HSBC upgraded Ecopetrol to a “hold” rating in a research report on Thursday, March 12th. Finally, Bradesco Corretora set a $12.00 target price on Ecopetrol and gave the stock an “underperform” rating in a research note on Wednesday, February 4th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Ecopetrol presently has an average rating of “Reduce” and an average price target of $10.35.

Ecopetrol Price Performance

The firm’s 50 day simple moving average is $12.71 and its two-hundred day simple moving average is $10.70. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.55 and a quick ratio of 1.30. The firm has a market capitalization of $29.94 billion, a P/E ratio of 12.24 and a beta of 0.64.

Institutional Investors Weigh In On Ecopetrol

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. purchased a new stake in Ecopetrol during the 2nd quarter valued at about $93,000. American Century Companies Inc. increased its stake in Ecopetrol by 22.2% in the 2nd quarter. American Century Companies Inc. now owns 448,060 shares of the oil and gas company’s stock worth $3,965,000 after purchasing an additional 81,312 shares during the period. Capital Fund Management S.A. increased its stake in Ecopetrol by 529.6% in the 2nd quarter. Capital Fund Management S.A. now owns 165,697 shares of the oil and gas company’s stock worth $1,466,000 after purchasing an additional 139,381 shares during the period. Schroder Investment Management Group bought a new stake in Ecopetrol in the second quarter valued at approximately $888,000. Finally, Leuthold Group LLC purchased a new stake in shares of Ecopetrol during the second quarter valued at approximately $231,000.

About Ecopetrol

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.