Ecopetrol S.A. (NYSE:EC) Short Interest Down 6.5% in November

by · The Markets Daily

Ecopetrol S.A. (NYSE:EC – Get Free Report) was the recipient of a significant drop in short interest in November. As of November 15th, there was short interest totalling 13,300,000 shares, a drop of 6.5% from the October 31st total of 14,230,000 shares. Based on an average trading volume of 2,490,000 shares, the days-to-cover ratio is currently 5.3 days. Approximately 0.7% of the company’s stock are sold short.

Analysts Set New Price Targets

A number of brokerages have recently commented on EC. The Goldman Sachs Group lowered their price objective on Ecopetrol from $11.00 to $9.50 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. JPMorgan Chase & Co. lowered their price target on shares of Ecopetrol from $8.50 to $7.50 and set an “underweight” rating on the stock in a 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. According to MarketBeat, Ecopetrol has an average rating of “Reduce” and an average price target of $8.50.

View Our Latest Report on Ecopetrol

Ecopetrol Price Performance

EC traded up $0.04 on Tuesday, hitting $7.97. 1,502,082 shares of the stock were exchanged, compared to its average volume of 2,118,090. The firm has a market capitalization of $16.37 billion, a price-to-earnings ratio of 3.51 and a beta of 1.21. Ecopetrol has a 12 month low of $7.21 and a 12 month high of $13.14. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.48 and a quick ratio of 1.21. The business has a 50-day moving average of $8.19 and a two-hundred day moving average of $9.87.

Institutional Trading of Ecopetrol

Several hedge funds have recently modified their holdings of the stock. Straight Path Wealth Management lifted its position in shares of 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 buying an additional 1,000 shares in the last quarter. Creative Planning boosted its holdings in shares of 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 buying an additional 1,219 shares during the last quarter. Blue Trust Inc. grew its position in Ecopetrol by 258.6% during the second 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 period. GAMMA Investing LLC grew its position in shares of Ecopetrol by 58.2% during the 2nd quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 2,355 shares during the period. Finally, Ridgewood Investments LLC bought a new stake in shares of Ecopetrol in the 2nd quarter worth approximately $27,000.

About Ecopetrol

(Get Free Report)

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.

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