Ecopetrol (NYSE:EC) Stock Price Down 4.1% After Analyst Downgrade

Shares of Ecopetrol S.A. (NYSE:EC) were down 4.1% during mid-day trading on Wednesday after JPMorgan Chase & Co. downgraded the stock from a neutral rating to an underweight rating. JPMorgan Chase & Co. now has a $8.50 price target on the stock, down from their previous price target of $12.00. Ecopetrol traded as low as $8.92 and last traded at $8.94. Approximately 425,541 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 1,954,656 shares. The stock had previously closed at $9.32.

A number of other research analysts have also recently commented on the stock. Bank of America cut shares of Ecopetrol from a “neutral” rating to an “underperform” rating in a research note on Thursday, May 30th. StockNews.com downgraded Ecopetrol from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group decreased their price target on Ecopetrol from $11.00 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday. Three research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $8.83.

Institutional Trading of Ecopetrol

Large investors have recently added to or reduced their stakes in the company. GQG Partners LLC raised its stake in shares of Ecopetrol by 0.9% in the first quarter. GQG Partners LLC now owns 12,291,956 shares of the oil and gas company’s stock valued at $145,537,000 after acquiring an additional 105,172 shares during the last quarter. SPX Gestao de Recursos Ltda bought a new position in Ecopetrol in the 4th quarter valued at $15,652,000. Earnest Partners LLC boosted its stake in Ecopetrol by 1.2% in the first quarter. Earnest Partners LLC now owns 510,803 shares of the oil and gas company’s stock worth $6,048,000 after purchasing an additional 5,844 shares in the last quarter. CenterBook Partners LP grew its holdings in shares of Ecopetrol by 136.6% during the fourth quarter. CenterBook Partners LP now owns 334,527 shares of the oil and gas company’s stock worth $3,988,000 after purchasing an additional 193,150 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Ecopetrol by 6.0% during the second quarter. American Century Companies Inc. now owns 272,126 shares of the oil and gas company’s stock worth $3,045,000 after purchasing an additional 15,467 shares during the last quarter.

Ecopetrol Stock Performance

The stock has a 50 day moving average price of $9.94 and a two-hundred day moving average price of $11.05. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.58 and a quick ratio of 1.34. The company has a market capitalization of $18.01 billion, a price-to-earnings ratio of 3.83 and a beta of 1.20.

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.