Ecopetrol S.A. (NYSE:EC) Receives $11.00 Average Target Price from Brokerages

Shares of Ecopetrol S.A. (NYSE:EC) have received a consensus rating of “Reduce” from the six brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $11.00.

A number of brokerages recently issued reports on EC. Morgan Stanley lowered Ecopetrol from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $11.00 to $8.50 in a research note on Monday, March 4th. The Goldman Sachs Group reduced their target price on Ecopetrol from $12.00 to $10.30 and set a “neutral” rating for the company in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. reduced their target price on Ecopetrol from $12.50 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, February 20th.

Ecopetrol Trading Down 3.1 %

Ecopetrol stock opened at $11.70 on Wednesday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.47 and a quick ratio of 1.24. Ecopetrol has a 1-year low of $8.59 and a 1-year high of $13.14. The business has a fifty day moving average price of $11.52 and a 200-day moving average price of $11.88.

Ecopetrol Cuts Dividend

The company also recently disclosed a — dividend, which will be paid on Wednesday, July 3rd. Investors of record on Tuesday, June 25th will be issued a $0.7999 dividend. This represents a yield of 19.5%. The ex-dividend date is Tuesday, June 25th. Ecopetrol’s payout ratio is 94.42%.

Institutional Investors Weigh In On Ecopetrol

Institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC acquired a new stake in Ecopetrol in the 1st quarter worth about $47,000. Sunbelt Securities Inc. acquired a new position in shares of Ecopetrol during the 1st quarter worth approximately $57,000. Tower Research Capital LLC TRC boosted its holdings in shares of Ecopetrol by 2,285.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,491 shares of the oil and gas company’s stock worth $77,000 after purchasing an additional 7,177 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of Ecopetrol during the 4th quarter worth approximately $85,000. Finally, US Bancorp DE boosted its holdings in shares of Ecopetrol by 250.3% during the 4th quarter. US Bancorp DE now owns 8,011 shares of the oil and gas company’s stock worth $95,000 after purchasing an additional 5,724 shares during the last quarter.

About Ecopetrol

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.