Ecopetrol (NYSE:EC) Shares Cross Above Two Hundred Day Moving Average – Should You Sell?

Ecopetrol S.A. (NYSE:EC) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.93 and traded as high as $9.11. Ecopetrol shares last traded at $9.11, with a volume of 1,282,350 shares changing hands.

Wall Street Analysts Forecast Growth

EC has been the topic of a number of research analyst reports. Zacks Research downgraded shares of Ecopetrol from a “hold” rating to a “strong sell” rating in a report on Monday, October 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of Ecopetrol in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $11.75.

Ecopetrol Stock Up 3.7%

The stock’s 50 day simple moving average is $9.07 and its two-hundred day simple moving average is $8.93. The company has a market cap of $18.72 billion, a PE ratio of 6.95 and a beta of 0.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Blume Capital Management Inc. acquired a new position in Ecopetrol during the 1st quarter worth $28,000. Smartleaf Asset Management LLC acquired a new position in Ecopetrol during the 2nd quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Ecopetrol during the 1st quarter worth $46,000. Avantax Advisory Services Inc. acquired a new position in Ecopetrol during the 1st quarter worth $106,000. Finally, Envestnet Asset Management Inc. acquired a new position in Ecopetrol during the 2nd quarter worth $93,000.

Ecopetrol Company Profile

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.