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

Ecopetrol (NYSE:EC) had its price target decreased by The Goldman Sachs Group from $11.00 to $9.50 in a research report report published on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the oil and gas company’s stock.

EC has been the subject of a number of other research reports. StockNews.com downgraded Ecopetrol from a buy rating to a hold rating in a report on Tuesday, July 30th. Bank of America downgraded Ecopetrol from a neutral rating to an underperform rating in a report on Thursday, May 30th. Three analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to MarketBeat, Ecopetrol currently has an average rating of Reduce and an average target price of $8.83.

Ecopetrol Price Performance

Ecopetrol stock opened at $8.76 on Tuesday. Ecopetrol has a one year low of $8.65 and a one year 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 business has a fifty day moving average of $9.94 and a two-hundred day moving average of $11.05. The company has a market cap of $18.01 billion, a P/E ratio of 3.83 and a beta of 1.20.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Straight Path Wealth Management increased its position in Ecopetrol by 7.4% during 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 in the last quarter. Creative Planning increased its position in 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 in the last quarter. Blue Trust Inc. increased its position in Ecopetrol by 258.6% during 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 increased its position in Ecopetrol by 58.2% during the 2nd quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock worth $72,000 after purchasing an additional 2,355 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in Ecopetrol in the 2nd quarter valued at about $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.