The Goldman Sachs Group Increases Ecopetrol (NYSE:EC) Price Target to $11.90

Ecopetrol (NYSE:EC) had its price target lifted by The Goldman Sachs Group from $10.30 to $11.90 in a report published on Thursday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the oil and gas company’s stock.

EC has been the topic of a number of other research reports. JPMorgan Chase & Co. reduced their target price on Ecopetrol from $12.50 to $12.00 and set a neutral rating on the stock in a research note on Tuesday, February 20th. 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. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $11.27.

Ecopetrol Price Performance

Shares of EC opened at $11.51 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.24 and a current ratio of 1.47. The business has a fifty day moving average of $11.48 and a 200 day moving average of $11.89. Ecopetrol has a 52-week low of $8.59 and a 52-week high of $13.14.

Ecopetrol Cuts Dividend

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

Hedge Funds Weigh In On Ecopetrol

Several institutional investors have recently made changes to their positions in the company. SeaCrest Wealth Management LLC increased its stake in shares of Ecopetrol by 30.9% during the first quarter. SeaCrest Wealth Management LLC now owns 56,252 shares of the oil and gas company’s stock valued at $666,000 after buying an additional 13,293 shares during the period. Confluence Investment Management LLC bought a new stake in Ecopetrol during the first quarter valued at about $182,000. Wellington Management Group LLP bought a new stake in Ecopetrol during the fourth quarter valued at about $475,000. GSA Capital Partners LLP boosted its position in Ecopetrol by 49.9% during the fourth quarter. GSA Capital Partners LLP now owns 65,197 shares of the oil and gas company’s stock valued at $777,000 after purchasing an additional 21,700 shares in the last quarter. Finally, Atlas Capital Advisors LLC boosted its position in Ecopetrol by 59.2% during the fourth quarter. Atlas Capital Advisors LLC now owns 18,515 shares of the oil and gas company’s stock valued at $221,000 after purchasing an additional 6,885 shares in 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.