Ecopetrol (NYSE:EC) Upgraded by Citigroup to Buy

Citigroup upgraded shares of Ecopetrol (NYSE:EC) from a neutral rating to a buy rating in a research report released on Wednesday, May 8th, Briefing.com Automated Import reports.

Other research analysts have also recently issued research reports about the company. Santander upgraded Ecopetrol from an underperform rating to a hold rating in a research note on Wednesday, March 6th. Zacks Investment Research upgraded Ecopetrol from a strong sell rating to a hold rating in a research note on Friday, February 15th. ValuEngine upgraded Ecopetrol from a sell rating to a hold rating in a research note on Monday, February 4th. Finally, JPMorgan Chase & Co. upgraded Ecopetrol from an underweight rating to a neutral rating and set a $20.00 target price for the company in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Ecopetrol currently has an average rating of Hold and a consensus price target of $23.33.

NYSE EC opened at $16.39 on Wednesday. Ecopetrol has a fifty-two week low of $15.25 and a fifty-two week high of $27.96. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.12.

Ecopetrol (NYSE:EC) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $4.94 billion. Ecopetrol had a return on equity of 10.58% and a net margin of 16.56%. Equities research analysts anticipate that Ecopetrol will post 2.18 EPS for the current year.

The business also recently disclosed a special dividend, which was paid on Friday, May 3rd. Shareholders of record on Wednesday, April 24th were paid a dividend of $0.3595 per share. This represents a yield of 2.95%. The ex-dividend date was Tuesday, April 23rd. Ecopetrol’s payout ratio is 55.17%.

Large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Ecopetrol by 12.7% during the third quarter. BlackRock Inc. now owns 1,325,332 shares of the oil and gas company’s stock valued at $35,691,000 after buying an additional 149,455 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Ecopetrol by 116.6% in the 1st quarter. Lindbrook Capital LLC now owns 1,315 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 708 shares in the last quarter. Macquarie Group Ltd. bought a new stake in shares of Ecopetrol in the 3rd quarter worth $1,160,000. Fisher Asset Management LLC increased its holdings in shares of Ecopetrol by 33.9% in the 4th quarter. Fisher Asset Management LLC now owns 2,329,686 shares of the oil and gas company’s stock worth $36,995,000 after purchasing an additional 589,439 shares in the last quarter. Finally, Comerica Bank increased its holdings in shares of Ecopetrol by 1.2% in the 4th quarter. Comerica Bank now owns 120,025 shares of the oil and gas company’s stock worth $2,164,000 after purchasing an additional 1,367 shares in the last quarter.

Ecopetrol Company Profile

Ecopetrol SA operates as an integrated oil and gas company. The company operates through three segments: Exploration and Production; Transport and Logistics; and Refining, Petrochemical, and Biofuels. It produces crude oil and gas; and engages in the extraction, collection, treatment, storage, commercialization, and pumping.

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Analyst Recommendations for Ecopetrol (NYSE:EC)

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