The Goldman Sachs Group Trims Ecopetrol (NYSE:EC) Target Price to $11.00

Ecopetrol (NYSE:EC – Get Rating) had its target price reduced by The Goldman Sachs Group from $12.40 to $11.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price target points to a potential upside of 9.13% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. StockNews.com downgraded Ecopetrol from a “buy” rating to a “hold” rating in a research report on Friday, December 9th. UBS Group downgraded shares of Ecopetrol from a “buy” rating to a “neutral” rating and set a $13.00 price target for the company. in a report on Thursday, February 9th. Finally, HSBC cut shares of Ecopetrol from a “buy” rating to a “hold” rating and decreased their price target for the company from $12.50 to $12.00 in a research report on Friday, February 10th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $12.00.

Ecopetrol Stock Up 0.7 %

EC stock opened at $10.08 on Wednesday. The firm has a market cap of $20.72 billion, a PE ratio of 2.65 and a beta of 1.41. The company has a quick ratio of 1.15, a current ratio of 1.36 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average of $11.09 and a 200 day moving average of $10.29. Ecopetrol has a twelve month low of $8.59 and a twelve month high of $19.81.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EC. Penserra Capital Management LLC acquired a new position in Ecopetrol during the 1st quarter worth approximately $47,000. Quadrant Capital Group LLC increased its holdings in shares of Ecopetrol by 46.6% during the fourth quarter. Quadrant Capital Group LLC now owns 5,834 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 1,855 shares in the last quarter. Apollon Wealth Management LLC purchased a new position in shares of Ecopetrol during the third quarter valued at approximately $89,000. Jane Street Group LLC purchased a new position in shares of Ecopetrol during the second quarter valued at approximately $116,000. Finally, Mutual Advisors LLC purchased a new position in shares of Ecopetrol during the third quarter valued at approximately $118,000. Institutional investors and hedge funds own 1.30% of the company’s stock.

About Ecopetrol

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Ecopetrol SA engages in the exploration, development, and production of crude oil and natural gas. It operates through the following segments: Exploration and Production, Transportation and Logistics, and Refining and Petrochemicals. The Exploration and Production segment deals with oil and gas exploration and production activities.