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Upgrade Alert for Ecopetrol (EC)

By Nick Russo

Ecopetrol (NYSE:EC) was upgraded from Underweight to Equal Weight at Morgan Stanley today. The stock closed yesterday at $9.05 on volume of 1.4 million shares, below average daily volume of 1.5 million.

Ecopetrol SA is an integrated oil company. The Company owns interests in oil producing fields in the central area, south, west and north of Colombia as well as refineries, ports for fuel exports and imports on both coasts and the transportation network of pipelines and polyducts throughout the Colombian territory.

There is potential upside of 8.6% for shares of Ecopetrol based on a current price of $9.05 and an average consensus analyst price target of $9.83. The stock should find initial support at its 50-day moving average (MA) of $8.73 and further support at its 200-day MA of $8.53.

Over the past year, Ecopetrol has traded in a range of $5.16 to $17.92 and closed yesterday at $9.05, 75% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has slid 0.5%.

SmarTrend is tracking the current trend status for Ecopetrol and will alert subscribers who have EC in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades ecopetrol

Ticker(s): EC