State of New Jersey Common Pension Fund D reduced its position in shares of Ecopetrol SA (NYSE:EC) by 12.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 83,300 shares of the oil and gas company’s stock after selling 11,600 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Ecopetrol were worth $1,712,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in the business. Acadian Asset Management LLC boosted its holdings in shares of Ecopetrol by 54.4% in the 2nd quarter. Acadian Asset Management LLC now owns 9,879,374 shares of the oil and gas company’s stock valued at $203,014,000 after buying an additional 3,479,971 shares during the last quarter. Capital Growth Management LP acquired a new stake in Ecopetrol during the 1st quarter valued at $25,322,000. Legal & General Group Plc lifted its holdings in Ecopetrol by 11.0% during the 1st quarter. Legal & General Group Plc now owns 1,272,272 shares of the oil and gas company’s stock valued at $24,587,000 after purchasing an additional 125,761 shares during the last quarter. Fisher Asset Management LLC acquired a new stake in Ecopetrol during the 2nd quarter valued at $15,187,000. Finally, Candriam Luxembourg S.C.A. acquired a new stake in Ecopetrol during the 1st quarter valued at $13,532,000. 2.85% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have weighed in on the company. Citigroup upgraded Ecopetrol from a “sell” rating to a “neutral” rating in a research report on Thursday, August 2nd. Zacks Investment Research upgraded Ecopetrol from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a research report on Tuesday, July 10th. ValuEngine cut Ecopetrol from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. Finally, HSBC raised Ecopetrol from a “reduce” rating to a “hold” rating in a research note on Thursday, May 24th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $16.00.
Ecopetrol SA operates as an integrated oil and gas company. It operates through three segments: Exploration and Production; Refining, Petrochemical, and Biofuels; and Transport and Logistics. The company produces crude oil and gas; and engages in the extraction, collection, treatment, storage and pumping or compression of hydrocarbons.
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