Taking this into account, JP Morgan downgraded its Ecopetrol SA ADR [EC] rating to an Underweight from a a Neutral in a research note published on September 25, 2024; the price target was decreased to $8.50 from $12. A number of analysts have revised their coverage, including BofA Securities’s analysts, who decreased its forecast for the stock in late May from “a Neutral” to “an Underperform”. Morgan Stanley also remained covering EC and has decreased its forecast on March 04, 2024 with a “an Underweight” recommendation from previously “an Equal-weight” rating. Jefferies started covering the stock on September 21, 2023. It rated EC as “an Underperform”.
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Price Performance Review of EC
On Tuesday, Ecopetrol SA ADR [NYSE:EC] saw its stock fall -4.20% to $8.67. Over the last five days, the stock has lost -3.99%. Ecopetrol SA ADR shares have fallen nearly -26.28% since the year began. Nevertheless, the stocks have fallen -18.32% over the past one year. While a 52-week high of $12.78 was reached on 04/03/24, a 52-week low of $8.65 was recorded on 10/08/24. SMA at 50 days reached $9.64, while 200 days put it at $11.14.
Levels Of Support And Resistance For EC Stock
The 24-hour chart illustrates a support level at 8.48, which if violated will result in even more drops to 8.29. On the upside, there is a resistance level at 8.93. A further resistance level may holdings at 9.19. The Relative Strength Index (RSI) on the 14-day chart is 33.70, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.09, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 86.52%. Stochastics %K at 36.77% indicates the stock is a holding.
How much short interest is there in Ecopetrol SA ADR?
A steep rise in short interest was recorded in Ecopetrol SA ADR stocks on 2024-09-13, growing by 0.84 million shares to a total of 11.45 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-15 was 10.61 million shares. There was a rise of 7.36%, which implies that there is a positive sentiment for the stock.
