Ecopetrol S.A. (NYSE:EC) Shares Sold by GAMMA Investing LLC

GAMMA Investing LLC lowered its holdings in Ecopetrol S.A. (NYSE:EC) by 26.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,708 shares of the oil and gas company’s stock after selling 1,694 shares during the quarter. GAMMA Investing LLC’s holdings in Ecopetrol were worth $42,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Ridgewood Investments LLC purchased a new stake in Ecopetrol in the second quarter valued at $27,000. Blue Trust Inc. raised its stake 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 buying an additional 1,945 shares during the last quarter. MQS Management LLC acquired a new position in shares of Ecopetrol in the 1st quarter valued at about $125,000. Cetera Advisors LLC purchased a new position in Ecopetrol during the first quarter valued at approximately $141,000. Finally, Straight Path Wealth Management lifted its holdings in Ecopetrol by 7.4% in 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 during the period.

Ecopetrol Stock Performance

Shares of Ecopetrol stock opened at $8.16 on Friday. The business’s 50 day moving average price is $9.39 and its 200 day moving average price is $10.80. The company has a market cap of $16.78 billion, a price-to-earnings ratio of 3.55 and a beta of 1.20. Ecopetrol S.A. has a one year low of $8.13 and a one year high of $13.14.

Ecopetrol (NYSE:EC) last announced its quarterly earnings data on Wednesday, August 14th. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.15). The firm had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $8.49 billion. Ecopetrol had a net margin of 13.92% and a return on equity of 6.64%. On average, analysts predict that Ecopetrol S.A. will post 2.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

EC has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut shares of Ecopetrol from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $12.00 to $8.50 in a research note on Wednesday, September 25th. StockNews.com lowered shares of Ecopetrol from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group reduced their target price on shares of Ecopetrol from $11.00 to $9.50 and set a “neutral” rating for the company in a research report on Tuesday, September 24th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $8.83.

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.