Ecopetrol (NYSE:EC) Given New $7.50 Price Target at JPMorgan Chase & Co.

Ecopetrol (NYSE:EC - Get Free Report) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $8.50 to $7.50 in a research note issued on Wednesday, Benzinga reports. The firm currently has an "underweight" rating on the oil and gas company's stock. JPMorgan Chase & Co.'s price target points to a potential downside of 4.09% from the company's current price.

A number of other research analysts have also issued reports on EC. StockNews.com lowered shares of Ecopetrol from a "buy" rating to a "hold" rating in a research note on Tuesday, July 30th. The Goldman Sachs Group cut their target price on Ecopetrol from $11.00 to $9.50 and set a "neutral" rating on the stock in a research report on Tuesday, September 24th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $8.50.

Ecopetrol Stock Down 1.9 %

EC stock traded down $0.15 on Wednesday, hitting $7.82. 2,836,398 shares of the company's stock were exchanged, compared to its average volume of 2,032,191. The firm has a 50 day moving average price of $8.98 and a two-hundred day moving average price of $10.53. Ecopetrol has a 12-month low of $7.80 and a 12-month high of $13.14. The stock has a market cap of $16.08 billion, a P/E ratio of 3.40 and a beta of 1.20. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.21 and a current ratio of 1.48.

Ecopetrol (NYSE:EC - Get Free Report) last issued 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). Ecopetrol had a return on equity of 9.42% and a net margin of 13.92%. The business had revenue of $8.32 billion for the quarter, compared to analysts' expectations of $8.49 billion. As a group, equities research analysts expect that Ecopetrol will post 2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Straight Path Wealth Management raised its position in Ecopetrol by 7.4% during the second quarter. Straight Path Wealth Management now owns 14,600 shares of the oil and gas company's stock valued at $163,000 after acquiring an additional 1,000 shares in the last quarter. Creative Planning grew its stake in shares of Ecopetrol by 2.7% during the 2nd quarter. Creative Planning now owns 46,864 shares of the oil and gas company's stock worth $524,000 after purchasing an additional 1,219 shares during the period. Blue Trust Inc. increased its holdings in shares of Ecopetrol by 258.6% during the 2nd quarter. Blue Trust Inc. now owns 2,697 shares of the oil and gas company's stock valued at $32,000 after purchasing an additional 1,945 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Ecopetrol by 58.2% in 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 purchased a new stake in Ecopetrol during the second 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.