Analyst Caio Ribeiro of Bank of America Securities maintained a Sell rating on Ecopetrol SA, with a price target of $7.00.
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Caio Ribeiro has given his Sell rating due to a combination of factors impacting Ecopetrol SA’s performance. Despite the upstream segment showing stronger-than-expected results, the downstream and energy transmission & toll roads segments underperformed, leading to an overall decline in EBITDA. The company’s EBITDA for the second quarter of 2025 was down both quarter-over-quarter and year-over-year, failing to meet consensus expectations.
Moreover, the challenging macroeconomic environment for the oil and gas industry in Colombia, coupled with lower production estimates and difficulties in replenishing reserves, further contribute to the negative outlook. Additionally, higher lifting costs and lower cash generation compared to peers present significant hurdles for Ecopetrol SA, justifying the Sell rating.
EC’s price has also changed moderately for the past six months – from $9.630 to $8.560, which is a -11.11% drop .