Zacks: Brokerages Anticipate Ecopetrol SA (NYSE:EC) Will Post Quarterly Sales of $5.42 Billion

Equities research analysts expect Ecopetrol SA (NYSE:EC) to post $5.42 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Ecopetrol’s earnings, with estimates ranging from $5.25 billion to $5.59 billion. Ecopetrol reported sales of $6.04 billion during the same quarter last year, which indicates a negative year over year growth rate of 10.3%. The firm is expected to report its next quarterly earnings report after the market closes on Tuesday, October 29th.

According to Zacks, analysts expect that Ecopetrol will report full-year sales of $21.43 billion for the current financial year, with estimates ranging from $21.04 billion to $21.89 billion. For the next year, analysts expect that the business will report sales of $20.59 billion, with estimates ranging from $18.87 billion to $22.28 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Ecopetrol.

A number of analysts have weighed in on EC shares. HSBC upgraded Ecopetrol from a “hold” rating to a “buy” rating and lowered their target price for the stock from $21.00 to $20.50 in a report on Thursday, September 12th. Citigroup lowered Ecopetrol from a “buy” rating to a “neutral” rating and set a $19.80 target price for the company. in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $20.10.

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Ecopetrol by 90.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 142,350 shares of the oil and gas company’s stock valued at $2,620,000 after purchasing an additional 67,659 shares during the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of Ecopetrol by 11.3% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 271,845 shares of the oil and gas company’s stock valued at $4,972,000 after purchasing an additional 27,500 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Ecopetrol by 155.9% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 213,155 shares of the oil and gas company’s stock valued at $3,899,000 after purchasing an additional 129,855 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Ecopetrol by 124.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,603 shares of the oil and gas company’s stock valued at $175,000 after purchasing an additional 5,328 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Ecopetrol by 5.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 37,130 shares of the oil and gas company’s stock valued at $632,000 after purchasing an additional 2,073 shares during the last quarter. Hedge funds and other institutional investors own 2.63% of the company’s stock.

Ecopetrol stock traded down $0.07 during mid-day trading on Friday, reaching $17.96. 470,886 shares of the company were exchanged, compared to its average volume of 714,420. The business has a fifty day moving average of $17.75 and a 200 day moving average of $17.59. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.36. The firm has a market cap of $37.77 billion, a P/E ratio of 10.32, a PEG ratio of 0.58 and a beta of 1.61. Ecopetrol has a 12-month low of $15.21 and a 12-month high of $23.24.

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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