Atria Investments Inc Reduces Stake in Ecopetrol S.A. (NYSE:EC)
Investment firm Atria Investments Inc recently reduced its holdings in Ecopetrol S.A. by 13.2% in the last quarter. In its most recent filing with the Securities and Exchange Commission, it was reported that the company now owns 18,837 shares of the oil and gas company’s stock, with a value of $168,000.
Adding to this trend, other significant investors also adjusted their positions regarding Ecopetrol stock. Ridgewood Investments LLC entered the field with a new purchase in the second quarter. Blue Trust Inc. and GAMMA Investing LLC followed suit by increasing their stakes in Ecopetrol. The first purchased $27,000 worth of shares, while the latter now holds 6,402 shares after buying an additional 2,355 shares.
Ecopetrol’s trading observed a 1.7% increase, with shares opening at $8.33 on Monday. The company’s market cap is valued at $17.13 billion, boasting a price-to-earnings ratio of 3.67 and a beta of 1.21. Considering the past year, the lowest recorded stock price was $7.21 and the highest reached $13.14. Currently, Ecopetrol’s 50-day moving average is $8.35, with a 200-day average of $10.06.
Analysts have been active regarding the future outlook of Ecopetrol, with different research firms providing varied insights. StockNews.com recently upgraded Ecopetrol from a “hold” to a “buy” rating. On the other hand, The Goldman Sachs Group and JPMorgan Chase & Co. have trimmed their price targets for the company, resulting in a mixed sentiment among analysts.
For those unfamiliar with Ecopetrol, the company is an integrated energy corporation that operates across multiple segments such as exploration and production; transport and logistics; refining, petrochemical, and biofuels; and electric power transmission and toll roads concessions. Their operations include the distribution of natural gas and LPG, sales of refined and petrochemical products, and various infrastructure projects related to road and energy, among other services. If you are an investor tracking Ecopetrol, this overview captures the recent market activity and expert opinions shaping the narrative.
