Ecopetrol (NYSE:EC) Price Target Cut to $7.50 by Analysts at JPMorgan Chase & Co.

Ecopetrol (NYSE:EC) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $8.50 to $7.50 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 4.94% from the company’s current price.

Several other analysts have also commented on EC. The Goldman Sachs Group lowered their price target on shares of Ecopetrol from $11.00 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. StockNews.com cut Ecopetrol from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $8.50.

Ecopetrol Price Performance

Shares of NYSE:EC traded down $0.08 during trading on Wednesday, hitting $7.89. 1,449,770 shares of the stock were exchanged, compared to its average volume of 2,025,452. The company has a market cap of $16.22 billion, a PE ratio of 3.43 and a beta of 1.20. The company has a current ratio of 1.48, a quick ratio of 1.21 and a debt-to-equity ratio of 1.00. The company has a fifty day moving average price of $9.02 and a two-hundred day moving average price of $10.55. Ecopetrol has a 12-month low of $7.83 and a 12-month high of $13.14.

Ecopetrol (NYSE:EC) last announced its quarterly earnings results on Wednesday, August 14th. The oil and gas company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.15). The firm had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $8.49 billion. Ecopetrol had a net margin of 13.92% and a return on equity of 9.42%. On average, analysts forecast that Ecopetrol will post 2 EPS for the current year.

Hedge Funds Weigh In On Ecopetrol

Several large investors have recently added to or reduced their stakes in the business. Barings LLC acquired a new position in shares of Ecopetrol in the 2nd quarter valued at $1,830,000. Manning & Napier Advisors LLC acquired a new position in Ecopetrol in the second quarter valued at $1,890,000. GAMMA Investing LLC grew its position in Ecopetrol by 58.2% during the second quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 2,355 shares during the period. Quantbot Technologies LP increased its stake in Ecopetrol by 66.6% during the first quarter. Quantbot Technologies LP now owns 74,194 shares of the oil and gas company’s stock worth $878,000 after acquiring an additional 29,651 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new position in shares of Ecopetrol in the 2nd quarter worth about $1,192,000.

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.