JPMorgan Chase & Co. Sells 345,754 Shares of Ecopetrol S.A. (NYSE:EC)

JPMorgan Chase & Co. cut its stake in Ecopetrol S.A. (NYSE:EC) by 33.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 692,168 shares of the oil and gas company’s stock after selling 345,754 shares during the quarter. JPMorgan Chase & Co.’s holdings in Ecopetrol were worth $6,181,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in Ecopetrol by 81.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 425,116 shares of the oil and gas company’s stock valued at $3,796,000 after purchasing an additional 190,293 shares during the period. Virtu Financial LLC bought a new stake in shares of Ecopetrol in the second quarter valued at about $1,476,000. Verition Fund Management LLC acquired a new position in shares of Ecopetrol in the third quarter valued at about $1,061,000. Seven Eight Capital LP bought a new position in Ecopetrol during the second quarter worth about $1,192,000. Finally, Hilltop Holdings Inc. acquired a new stake in Ecopetrol in the 3rd quarter worth about $458,000.

Ecopetrol Stock Performance

NYSE EC opened at $8.59 on Thursday. The firm’s 50 day simple moving average is $7.97 and its 200 day simple moving average is $9.04. The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of 3.78 and a beta of 1.19. The company has a current ratio of 1.48, a quick ratio of 1.21 and a debt-to-equity ratio of 1.00. Ecopetrol S.A. has a 1 year low of $7.21 and a 1 year high of $12.90.

Analysts Set New Price Targets

A number of research analysts have issued reports on EC shares. The Goldman Sachs Group decreased their target price on shares of Ecopetrol from $11.00 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price target on Ecopetrol from $8.50 to $7.50 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Finally, StockNews.com cut Ecopetrol from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat, Ecopetrol currently has a consensus rating of “Reduce” and a consensus price target of $8.50.

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.