Ecopetrol (NYSE:EC) Sets New 52-Week High – Here’s Why

Ecopetrol S.A. (NYSE:EC)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $11.44 and last traded at $11.3350, with a volume of 857087 shares changing hands. The stock had previously closed at $11.16.

Analyst Ratings Changes

A number of brokerages recently weighed in on EC. Weiss Ratings reissued a “sell (d+)” rating on shares of Ecopetrol in a research note on Monday, December 29th. Zacks Research raised Ecopetrol from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $8.70 target price on shares of Ecopetrol in a research note on Monday, December 1st. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.73.

Ecopetrol Price Performance

The business has a 50-day moving average price of $9.96 and a two-hundred day moving average price of $9.34. The company has a quick ratio of 1.26, a current ratio of 1.53 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $22.35 billion, a price-to-earnings ratio of 9.57 and a beta of 0.65.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC acquired a new stake in shares of Ecopetrol in the 2nd quarter worth about $25,000. Advisory Services Network LLC bought a new stake in Ecopetrol during the 3rd quarter worth approximately $40,000. Straight Path Wealth Management purchased a new stake in shares of Ecopetrol in the third quarter worth approximately $92,000. Envestnet Asset Management Inc. bought a new position in shares of Ecopetrol in the second quarter valued at approximately $93,000. Finally, Metis Global Partners LLC purchased a new position in shares of Ecopetrol during the second quarter valued at approximately $104,000.

About Ecopetrol

Ecopetrol SA (NYSE: EC) is Colombia’s state-controlled integrated oil and gas company and the country’s largest oil producer. The company’s operations span the upstream, midstream and downstream segments of the hydrocarbon value chain, including exploration and production of crude oil and natural gas, refining of petroleum products, transportation and storage via pipeline networks, and the marketing and sale of fuels and petrochemical feedstocks. Ecopetrol serves domestic demand in Colombia and maintains a portfolio of international investments and partnerships across the Americas.

In upstream activities, Ecopetrol focuses on exploration and development of onshore and offshore fields to sustain and grow hydrocarbon production.