Ecopetrol (NYSE:EC) Sees Large Volume Increase – Still a Buy?

Shares of Ecopetrol S.A. (NYSE:EC) saw unusually-strong trading volume on Monday . Approximately 1,359,130 shares traded hands during mid-day trading, a decline of 35% from the previous session’s volume of 2,099,693 shares.The stock last traded at $8.10 and had previously closed at $7.92.

Analyst Ratings Changes

EC has been the topic of several research reports. The Goldman Sachs Group dropped their price target on 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 upgraded shares of Ecopetrol from a “hold” rating to a “buy” rating in a research note on Monday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Ecopetrol from $8.50 to $7.50 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.50.

Ecopetrol Trading Down 1.3 %

The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.21 and a current ratio of 1.48. The firm has a market cap of $16.56 billion, a PE ratio of 3.55 and a beta of 1.21. The stock has a 50-day simple moving average of $8.41 and a two-hundred day simple moving average of $10.13.

Hedge Funds Weigh In On Ecopetrol

A number of institutional investors and hedge funds have recently modified their holdings of the company. Straight Path Wealth Management raised its holdings in Ecopetrol by 7.4% in the 2nd quarter. Straight Path Wealth Management now owns 14,600 shares of the oil and gas company’s stock worth $163,000 after purchasing an additional 1,000 shares during the period. Creative Planning lifted its holdings in Ecopetrol by 2.7% during the second quarter. Creative Planning now owns 46,864 shares of the oil and gas company’s stock valued at $524,000 after purchasing an additional 1,219 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Ecopetrol by 258.6% in the second quarter. Blue Trust Inc. now owns 2,697 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 1,945 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Ecopetrol by 58.2% during the 2nd quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 2,355 shares during the period. Finally, Ridgewood Investments LLC bought a new position in Ecopetrol in the 2nd quarter worth $27,000.

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.