The Goldman Sachs Group Lowers Ecopetrol (NYSE:EC) Price Target to $9.50

Ecopetrol (NYSE:EC) had its target price lowered by investment analysts at The Goldman Sachs Group from $11.00 to $9.50 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 8.51% from the stock’s current price.

EC has been the subject of several other research reports. Bank of America cut shares of Ecopetrol from a “neutral” rating to an “underperform” rating in a research report on Thursday, May 30th. StockNews.com downgraded shares of Ecopetrol from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $8.83.

Ecopetrol Trading Down 6.1 %

EC stock opened at $8.76 on Tuesday. Ecopetrol has a 52 week low of $8.67 and a 52 week high of $13.14. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.34 and a current ratio of 1.58. The company’s 50-day simple moving average is $9.98 and its 200 day simple moving average is $11.06. The company has a market capitalization of $18.00 billion, a PE ratio of 3.81 and a beta of 1.20.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Straight Path Wealth Management increased its holdings in shares of 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 worth $163,000 after buying an additional 1,000 shares in the last quarter. Creative Planning increased its holdings in Ecopetrol by 2.7% in 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 in the last quarter. Blue Trust Inc. increased its holdings in Ecopetrol by 258.6% in the 2nd 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 Ecopetrol by 58.2% in the second 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 last quarter. Finally, Ridgewood Investments LLC acquired a new stake in shares of Ecopetrol during the second quarter valued at about $27,000.

About Ecopetrol

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.