JPMorgan Chase & Co. Lowers Ecopetrol (NYSE:EC) to Underweight

Ecopetrol (NYSE:EC) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $8.50 target price on the oil and gas company’s stock, down from their previous target price of $12.00. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 2.97% from the stock’s previous close.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group reduced their target price on shares of Ecopetrol from $11.00 to $9.50 and set a “neutral” rating for the company in a research note on Tuesday. StockNews.com downgraded Ecopetrol from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Finally, Bank of America cut Ecopetrol from a “neutral” rating to an “underperform” rating in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat.com, Ecopetrol has a consensus rating of “Reduce” and a consensus target price of $8.83.

Ecopetrol Stock Performance

EC stock opened at $8.76 on Wednesday. The stock’s fifty day moving average is $9.94 and its two-hundred day moving average is $11.05. The stock has a market capitalization of $18.01 billion, a price-to-earnings ratio of 3.83 and a beta of 1.20. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.34 and a current ratio of 1.58. Ecopetrol has a 1 year low of $8.65 and a 1 year high of $13.14.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ridgewood Investments LLC acquired a new stake in Ecopetrol in the second quarter worth approximately $27,000. Blue Trust Inc. raised its stake in shares of Ecopetrol by 258.6% in the 2nd quarter. Blue Trust Inc. now owns 2,697 shares of the oil and gas company’s stock worth $32,000 after buying an additional 1,945 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Ecopetrol by 58.2% in the second quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after buying an additional 2,355 shares during the period. MQS Management LLC bought a new position in Ecopetrol during the first quarter valued at about $125,000. Finally, Cetera Advisors LLC acquired a new position in Ecopetrol during the first quarter worth about $141,000.

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.