Ecopetrol S.A. (EC) Downgraded by Scotiabank

Ecopetrol S.A. (NYSE:EC) was downgraded by equities researchers at Scotiabank from an “outperform” rating to a “sector perform” rating in a note issued to investors on Thursday, June 29th, Marketbeat Ratings reports.

Several other research firms also recently weighed in on EC. TheStreet raised shares of Ecopetrol from a “d+” rating to a “c” rating in a research report on Wednesday, May 17th. Zacks Investment Research downgraded shares of Ecopetrol from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 25th. Morgan Stanley downgraded shares of Ecopetrol from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company 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 for the company 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 analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $10.25.

Ecopetrol (EC) traded up 0.75% during mid-day trading on Thursday, hitting $9.35. The stock had a trading volume of 475,454 shares. The firm has a 50-day moving average of $9.07 and a 200-day moving average of $9.27. The stock has a market cap of $19.22 billion, a P/E ratio of 19.48 and a beta of 1.04. Ecopetrol has a 52-week low of $7.65 and a 52-week high of $10.36.

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Several large investors have recently added to or reduced their stakes in the stock. Greenleaf Trust purchased a new stake in Ecopetrol during the second quarter worth about $105,000. APG Asset Management N.V. increased its position in Ecopetrol by 324.6% in the second quarter. APG Asset Management N.V. now owns 564,263 shares of the oil and gas company’s stock valued at $5,129,000 after buying an additional 431,363 shares in the last quarter. Aperio Group LLC increased its position in Ecopetrol by 6.8% in the second quarter. Aperio Group LLC now owns 247,338 shares of the oil and gas company’s stock valued at $2,248,000 after buying an additional 15,733 shares in the last quarter. Capstone Asset Management Co. increased its position in Ecopetrol by 9.9% in the second quarter. Capstone Asset Management Co. now owns 42,078 shares of the oil and gas company’s stock valued at $382,000 after buying an additional 3,800 shares in the last quarter. Finally, Barings LLC purchased a new position in Ecopetrol during the first quarter valued at about $4,823,000. Institutional investors and hedge funds own 2.24% of the company’s stock.

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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