Industry News

Acadian Asset Management LLC Cuts Position in Ecopetrol SA (NYSE:EC)

By August 29, 2019 No Comments

Acadian Asset Management LLC decreased its position in shares of Ecopetrol SA (NYSE:EC) by 14.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,899,224 shares of the oil and gas company’s stock after selling 1,815,920 shares during the quarter. Ecopetrol accounts for 1.0% of Acadian Asset Management LLC’s portfolio, making the stock its 15th largest position. Acadian Asset Management LLC owned about 0.53% of Ecopetrol worth $199,342,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of EC. JPMorgan Chase & Co. grew its stake in shares of Ecopetrol by 90.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 142,350 shares of the oil and gas company’s stock worth $2,620,000 after buying an additional 67,659 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Ecopetrol by 17.9% in the 2nd quarter. Wells Fargo & Company MN now owns 47,035 shares of the oil and gas company’s stock worth $860,000 after buying an additional 7,138 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Ecopetrol by 16.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 35,057 shares of the oil and gas company’s stock worth $641,000 after buying an additional 4,874 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Ecopetrol by 235.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 18,989 shares of the oil and gas company’s stock worth $347,000 after buying an additional 13,329 shares in the last quarter. Finally, First Trust Advisors LP purchased a new position in shares of Ecopetrol in the 2nd quarter worth $196,000. Hedge funds and other institutional investors own 2.65% of the company’s stock.

EC stock opened at $15.30 on Wednesday. Ecopetrol SA has a 12 month low of $15.21 and a 12 month high of $27.96. The company has a current ratio of 1.26, a quick ratio of 0.96 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average price of $17.42 and a 200 day moving average price of $18.84. The stock has a market cap of $32.40 billion, a PE ratio of 8.79, a P/E/G ratio of 0.45 and a beta of 1.53.

Separately, Citigroup raised shares of Ecopetrol from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $23.33.

Ecopetrol Company Profile

Ecopetrol SA operates as an integrated oil and gas company. The company operates through three segments: Exploration and Production; Transport and Logistics; and Refining, Petrochemical, and Biofuels. It produces crude oil and gas; and engages in the extraction, collection, treatment, storage, commercialization, and pumping.

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Institutional Ownership by Quarter for Ecopetrol (NYSE:EC)

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