Ping Capital Management Inc. Makes New $425,000 Investment in Ecopetrol S.A. (NYSE:EC)

Ping Capital Management Inc. acquired a new position in shares of Ecopetrol S.A. (NYSE:EC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 38,000 shares of the oil and gas company’s stock, valued at approximately $425,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC bought a new position in Ecopetrol during the 2nd quarter worth $27,000. Blue Trust Inc. increased its stake in shares of Ecopetrol by 258.6% in the 2nd quarter. Blue Trust Inc. now owns 2,697 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 1,945 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Ecopetrol by 58.2% in the 2nd quarter. GAMMA Investing LLC now owns 6,402 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 2,355 shares during the last quarter. MQS Management LLC bought a new position in shares of Ecopetrol in the 1st quarter valued at $125,000. Finally, Cetera Advisors LLC bought a new position in shares of Ecopetrol in the 1st quarter valued at $141,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EC. Bank of America lowered Ecopetrol from a “neutral” rating to an “underperform” rating in a research note on Thursday, May 30th. StockNews.com lowered Ecopetrol from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.22.

Ecopetrol Trading Down 0.3 %

Shares of EC stock opened at $9.19 on Monday. The firm has a market capitalization of $18.89 billion, a P/E ratio of 4.00 and a beta of 1.20. Ecopetrol S.A. has a twelve month low of $9.14 and a twelve month high of $13.14. The company has a quick ratio of 1.34, a current ratio of 1.58 and a debt-to-equity ratio of 0.90. The stock’s fifty day simple moving average is $10.47 and its 200 day simple moving average is $11.24.

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.