Ecopetrol (NYSE:EC) Downgraded by JPMorgan Chase & Co. to “Underweight”

JPMorgan Chase & Co. lowered shares of Ecopetrol (NYSE:EC) from a neutral rating to an underweight rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. They currently have $8.50 price target on the oil and gas company’s stock, down from their prior price target of $12.00.

EC has been the subject of a number of other research reports. The Goldman Sachs Group lowered their price target on Ecopetrol from $11.00 to $9.50 and set a neutral rating for the company in a report on Tuesday. StockNews.com downgraded Ecopetrol from a buy rating to a hold rating in a research note on Tuesday, July 30th. Finally, Bank of America downgraded shares of Ecopetrol from a neutral rating to an underperform rating in a research note on Thursday, May 30th. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Reduce and a consensus target price of $8.83.

Ecopetrol Stock Performance

Shares of NYSE:EC opened at $9.03 on Wednesday. Ecopetrol has a 1 year low of $8.65 and a 1 year high of $13.14. The stock has a market capitalization of $18.56 billion, a price-to-earnings ratio of 3.93 and a beta of 1.20. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.58 and a quick ratio of 1.34. The company’s 50 day simple moving average is $9.90 and its 200 day simple moving average is $11.03.

Institutional Investors Weigh In On Ecopetrol

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC bought a new stake in shares of Ecopetrol during the second quarter worth about $27,000. Blue Trust Inc. lifted its holdings in shares of Ecopetrol by 258.6% during 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 during the period. GAMMA Investing LLC grew its stake in shares of Ecopetrol by 58.2% in the second 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 during the last quarter. MQS Management LLC acquired a new stake in Ecopetrol in the first quarter valued at $125,000. Finally, Cetera Advisors LLC bought a new position in Ecopetrol during the 1st quarter worth $141,000.

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.