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Stock impact report

Ecopetrol (EC) Price Target Bumped to $13, ‘Neutral' Rating Maintained [Yahoo! Finance]

Ecopetrol S.A. American Depositary Shares (EC) 
Company Research Source: Yahoo! Finance
With a workforce of over 18,000, Ecopetrol S.A. (NYSE:EC) is among the largest companies in Colombia and one of the leading integrated energy groups on the American continent. On March 23, Goldman Sachs increased its price target on Ecopetrol S.A. (NYSE:EC) from $8.70 to $13, while keeping a ‘Neutral' rating on the shares. The raised target still indicates a downside of over 13% from the current share price. Ecopetrol S.A. (NYSE:EC) received another boost earlier on March 18 when the company, along with Petrobras, confirmed a significant natural gas discovery off the Colombian coast. According to the two partners, the find confirms the ‘presence beyond the primary objective, making this an even more significant discovery'. The Sirius area holds estimated reserves of more than 6 Tcf, making it the largest ever gas discovery in Colombia. The area is expected to produce up to 249 mcf/d of gas from 2030. With a robust annual dividend yield of 11.07%, Ecopetrol S.A. (NYSE:EC) was re Show less Read more
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