O Shaughnessy Asset Management LLC Decreases Stake in Ecopetrol S.A. (NYSE:EC)

Posted by Defense World Staff on Jun 3rd, 2023

O Shaughnessy Asset Management LLC reduced its position in Ecopetrol S.A. (NYSE:EC – Get Rating) by 58.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,898 shares of the oil and gas company’s stock after selling 21,005 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Ecopetrol were worth $156,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its stake in Ecopetrol by 6.2% during the third quarter. BlackRock Inc. now owns 5,145,205 shares of the oil and gas company’s stock worth $45,948,000 after acquiring an additional 298,224 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Ecopetrol by 5.5% during the third quarter. Vanguard Group Inc. now owns 2,984,353 shares of the oil and gas company’s stock valued at $26,650,000 after buying an additional 156,689 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Ecopetrol by 120.8% during the third quarter. Marshall Wace LLP now owns 1,249,618 shares of the oil and gas company’s stock valued at $11,160,000 after buying an additional 683,746 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Ecopetrol by 23.1% during the fourth quarter. First Trust Advisors LP now owns 1,028,216 shares of the oil and gas company’s stock valued at $10,765,000 after buying an additional 192,785 shares during the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in shares of Ecopetrol by 5,979.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 936,760 shares of the oil and gas company’s stock valued at $9,808,000 after buying an additional 921,351 shares during the last quarter. 1.30% of the stock is currently owned by hedge funds and other institutional investors.

Ecopetrol Stock Up 3.5 %

Ecopetrol stock opened at $9.76 on Friday. The business has a fifty day moving average of $10.03 and a two-hundred day moving average of $10.32. The company has a quick ratio of 1.00, a current ratio of 1.14 and a debt-to-equity ratio of 1.00. The firm has a market cap of $20.06 billion, a P/E ratio of 2.52 and a beta of 1.44. Ecopetrol S.A. has a twelve month low of $8.59 and a twelve month high of $17.60.

Ecopetrol (NYSE:EC – Get Rating) last posted its earnings results on Wednesday, March 29th. The oil and gas company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The company had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.31 billion. Ecopetrol had a return on equity of 15.81% and a net margin of 19.92%. On average, analysts forecast that Ecopetrol S.A. will post 2.08 earnings per share for the current fiscal year.

Ecopetrol Announces Dividend

The business also recently announced a — dividend, which will be paid on Friday, December 29th. Shareholders of record on Wednesday, December 20th will be issued a dividend of $0.1479 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a yield of 20.4%. Ecopetrol’s dividend payout ratio is currently 53.23%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EC. StockNews.com began coverage on Ecopetrol in a research note on Thursday, May 18th. They set a “hold” rating on the stock. HSBC cut Ecopetrol from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $12.50 to $12.00 in a research note on Friday, February 10th. UBS Group cut Ecopetrol from a “buy” rating to a “neutral” rating and set a $13.00 price objective on the stock. in a research note on Thursday, February 9th. Finally, The Goldman Sachs Group dropped their price objective on Ecopetrol from $12.40 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 15th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat, Ecopetrol has a consensus rating of “Hold” and a consensus price target of $12.00.

About Ecopetrol

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Ecopetrol SA engages in the exploration, development, and production of crude oil and natural gas. It operates through the following segments: Exploration and Production, Transportation and Logistics, and Refining and Petrochemicals. The Exploration and Production segment deals with oil and gas exploration and production activities.