Ecopetrol (NYSE:EC) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Ecopetrol (NYSE:EC) from a neutral rating to an underweight rating in a research note published on Wednesday, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $8.50 price target on the oil and gas company’s stock, down from their previous price target of $12.00.

Other analysts have also issued reports about the company. Bank of America lowered Ecopetrol from a neutral rating to an underperform rating in a research report on Thursday, May 30th. The Goldman Sachs Group cut their target price on Ecopetrol from $11.00 to $9.50 and set a neutral rating on the stock in a research report on Tuesday, September 24th. 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. According to data from MarketBeat, the company presently has an average rating of Reduce and an average price target of $8.83.

Ecopetrol Price Performance

Shares of EC stock opened at $9.02 on Wednesday. Ecopetrol has a twelve month low of $8.65 and a twelve month high of $13.14. The company has a market capitalization of $18.54 billion, a PE ratio of 3.92 and a beta of 1.20. The company has a current ratio of 1.58, a quick ratio of 1.34 and a debt-to-equity ratio of 0.90. The firm has a fifty day simple moving average of $9.86 and a 200-day simple moving average of $11.02.

Institutional Trading of Ecopetrol

A number of institutional investors and hedge funds have recently modified their holdings of EC. Straight Path Wealth Management raised its position in shares of Ecopetrol by 7.4% during the 2nd quarter. Straight Path Wealth Management now owns 14,600 shares of the oil and gas company’s stock worth $163,000 after purchasing an additional 1,000 shares during the period. Creative Planning grew its stake in Ecopetrol by 2.7% during the 2nd quarter. Creative Planning now owns 46,864 shares of the oil and gas company’s stock worth $524,000 after buying an additional 1,219 shares during the last quarter. Blue Trust Inc. increased its position in Ecopetrol by 258.6% in the second quarter. Blue Trust Inc. now owns 2,697 shares of the oil and gas company’s stock worth $32,000 after buying an additional 1,945 shares during the period. GAMMA Investing LLC lifted its stake in Ecopetrol by 58.2% in the second quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after buying an additional 2,355 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new position in shares of Ecopetrol during the second quarter valued at $27,000.

Ecopetrol Company Profile

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.