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Ecopetrol S.A. EC

Energy — Oil & Gas Integrated

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Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership
0.00%

Capital & Financial Ratios

Market Cap
35,650.00
Revenue
23,938.80
Net Income
2,888.80
Free Cash Flow
4,414.20
Net Debt
19,333.60
Current Ratio
1.55
Debt/Equity
1.02
P/E ratio
13.95
P/S ratio
1.51
P/B ratio
1.70
Past 5Y EPS Growth
(1.92%)
This Y EPS Growth
76.18%
Next Y EPS Growth
(18.41%)
Next 5Y EPS Growth
13.99%
in millions of $

Dividends

Payout Ratio
0.39
Annual Dividend Rate
3.31
Annual Dividend Yield
18.03%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 152.76
—
2025 288.47
—
—
—
2024 1.57
—
—
2023 1.79
—
—
—
2022 1.46
—
—
2021 0.09
—
2020 0.89
—
2019 0.54
—
—
2018 0.64
—
2017 0.16
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2022 2023 2024 2025
Cash 18,219.50 17,036.45 16,396.62 2,506.40
Receivables 43,147.50 39,972.77 22,468.20 2,976.00
Inventory 13,068.04 12,242.94 11,030.61 1,721.80
Other 10,519.16 13,056.13 16,778.93 3,484.80
85,004.53 82,338.13 66,725.79 10,689.00
2022 2023 2024 2025
Payables 21,931.47 22,669.72 21,232.34 3,151.80
ST’ Debt 24,418.44 18,660.01 12,416.74 2,016.00
Other 4,687.60 3,833.63 6,903.63 932.00
62,460.57 52,277.48 43,599.02 6,902.80
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 — — — —
—
’25 6,273.00 5,933.80 5,968.00 5,764.00
23,938.80
’24 9,390.60 9,788.10 6,921.40 120,563.40
146,663.50
’23 7,770.80 6,860.00 7,026.00 150,170.70
171,827.50
’22 9,741.90 13,165.50 8,687.60 143,977.20
175,572.20
’21 5,161.80 5,833.20 6,999.90 101,450.70
119,445.60
’20 4,521.60 2,532.60 3,696.90 54,539.31
65,290.41
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 — — — —
—
’25 1,224.40 2,009.20 1,775.80 1,659.00
6,668.40
’24 1,804.50 5,120.70 184.60 42,530.47
49,640.27
’23 414.20 627.60 837.97 21,880.89
23,760.66
’22 1,135.80 1,846.20 1,993.00 34,883.03
39,858.03
’21 879.90 994.20 1,584.00 25,838.73
29,296.83
’20 771.60 (674.10) 1,057.80 10,787.41
11,942.71
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 — — — —
—
’25 680.00 533.80 983.00 2,217.40
4,414.20
’24 527.70 3,747.30 63.00 21,704.14
26,042.14
’23 (573.80) 911.60 (1,681.09) (2,930.35)
(4,273.65)
’22 144.30 479.40 3,239.50 12,340.28
16,203.48
’21 151.20 169.80 511.20 11,181.18
12,013.38
’20 (261.90) (1,391.40) 436.20 (1,261.29)
(2,478.39)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 — — — —
—
’25 0.36 0.21 0.31 0.38
1.26
’24 0.50 0.42 0.43 0.31
1.66
’23 0.58 0.45 0.61 0.74
2.38
’22 0.82 1.30 1.06 0.69
3.64
’21 0.42 0.49 0.48 0.63
2.04
’20 0.02 0.00 0.11 0.08
0.21

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

3.3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 8.59 8.59 7.21 7.80 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.81 13.14 12.90 11.05 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 18,903 19,657 19,581 19,581 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9.29 8.74 7.49 1.22 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 175,572.20 171,827.50 146,663.50 23,938.80 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 43.95% 38.42% 35.14% 31.44% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 59,579.76 44,278.73 33,778.16 3,772.20 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 33.93% 25.77% 23.03% 15.76% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 38,719.43 30,459.69 20,348.76 2,888.80 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13,341.89 16,574.87 16,717.01 3,221.40 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 85.40 83.58 71.34 11.64 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 3.64 2.38 1.66 1.26 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.39 11.56 24.15 3.24 ‡‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (11.51) (13.64) (11.48) (1.10) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.88 (2.08) 12.67 2.15 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 60.95 58.52 56.67 10.38 ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,055.84 2,055.84 2,055.84 2,055.84 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.56 5.03 4.77 7.95 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.12 0.14 0.11 0.86 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.16 0.20 0.14 0.97 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.73 0.78 0.90 1.67 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.95 (24.79) 5.06 9.06 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 39,858.03 23,760.66 49,640.27 6,668.40 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (23,654.55) (28,034.31) (23,598.13) (2,254.20) ‡‡‡‡‡ — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16,203.48 (4,273.65) 26,042.14 4,414.20 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22,543.96 30,060.65 23,126.77 3,786.20 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 126,648.34 126,978.61 131,961.54 21,840.00 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 108,428.84 109,942.16 115,564.92 19,333.60 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 125,293.40 120,303.00 116,504.80 21,347.80 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.73% 7.55% 4.58% 1.09% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.72% 13.60% 11.39% 8.20% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 28.61% 20.58% 12.86% 3.04% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Ecopetrol S.A. (EC), Colombia’s state-controlled oil powerhouse, trades at rock-bottom valuations—PE at 4.8x, PS at 0.11x, and PB at 0.14x—despite robust free cash flow generation (12.7/share in 2024, up 710% YoY) and a 20%+ dividend yield, signaling a compelling entry into Latin America’s energy revival amid global oil stabilization.

Revenues have shown cyclical resilience, surging 178% from 2016 to a 2022 peak of 176 billion before a 2024 dip to 147 billion on softer prices, yet margins hold firm at 35% thanks to low breakeven costs under $20/barrel and an integrated model. Earnings per share rebounded to 1.66 in 2024, with analysts forecasting explosive growth to 402 in 2025 and sustained ROE above 20%, fueled by capex normalization and production ramping to 1.1 million barrels/day by 2027.

Catalysts abound: Orinoco belt exploration, Peregrino restarts, LNG exports, and a $3 billion renewables push positioning EC as a transition leader, blending tradition with innovation under 88% government backing. At current levels, even modest $75-85 oil delivers 20% ROE and 50% total return potential by 2027, making this undervalued gem a must-watch for growth investors eyeing emerging market torque.

Read full commentary →

Ecopetrol S.A. (EC) Latest News

News by impact score

Fine-tune

25 Aug

4 www.marketbeat.com, 9:01 PM
Ecopetrol acquires control of Brava Energia for $1.2 billion to expand operations in Brazil. $1.2B acquisition of Brava Energia constitutes a major strategic expansion into Brazil with direct effects on Ecopetrol growth trajectory.

18 Aug

4 , 12:37 PM
Ecopetrol S.A. completed a $1.2 billion acquisition of oil assets in Brazil. The $1.2 billion Brazilian oil acquisition marks a major strategic expansion for Ecopetrol.

4 , 12:20 AM
Ecopetrol S.A. completed acquisition of a 51% controlling stake in Brava Energia S.A., strengthening its growth platform in Brazil. Acquisition of controlling stake in Brava Energia represents major strategic expansion of Ecopetrol operations in Brazil with direct effects on long-term growth trajectory.

10 Aug

4 , 7:00 PM
Colombia revives oil and gas sector after four-year renewable energy focus, boosting prospects for state-owned Ecopetrol. Policy reversal favoring oil and gas directly enhances Ecopetrol core operations and market trajectory.

5 Aug

4 , 7:03 PM
Ecopetrol S.A. announces successful auction result to acquire approximately 25% of Brava Energia S.A. share capital. Acquisition of 25% stake in Brava Energia marks a major strategic expansion for Ecopetrol.

3 www.marketbeat.com, 2:03 AM
Ecopetrol S.A. released Q2 earnings call highlights covering financial results, production figures, and forward outlook for the oil company. Quarterly earnings details can shift near-term investor sentiment and valuation without altering long-term company direction.

20 Jul

4 , 9:47 PM
Ecopetrol resumes its tender offer in Brazil to acquire a controlling equity stake in Brava Energia S.A. Acquisition of controlling stake in Brava Energia advances Ecopetrol's expansion strategy with direct effects on its asset base and market position.

17 Jul

3 , 10:49 PM
Ecopetrol S.A. reported a cybersecurity incident. Cybersecurity incident may disrupt operations and trigger regulatory scrutiny for the energy firm.

28 May

3 PR Newswire, 10:15 AM
Ecopetrol S.A. board of directors approved multiple decisions covering company strategy, operations and governance. Board-level decisions can moderately affect strategy and operations without guaranteed fundamental change.

26 May

4 PR Newswire, 7:00 AM
Ecopetrol launches tender offer in Brazil to acquire equity stake in Brava Energia S.A. Tender offer launch marks major strategic expansion into Brazil with potential to alter growth trajectory.

20 May

3 PR Newswire, 8:31 AM
Ecopetrol purchases 49% interest in JK1 and JK2 wind projects to advance acquisition of Jemeiwaa Ka'I wind cluster in La Guajira. Renewable wind project stake adds to Ecopetrol's energy transition strategy with moderate long-term positioning effects.

18 May

3 transcript GuruFocus.com, 9:01 PM
Ecopetrol SA posted strong refining margins for Q1 2026 and outlined strategic initiatives in its earnings call. Positive Q1 refining margins and strategic updates support improved near-term financial results without fundamentally shifting long-term trajectory.

15 May

3 Simply Wall St., 2:15 AM
Parex Resources expands operations in Colombia, reshaping its growth prospects, cash flow generation, and risk profile amid the country's oil sector dynamics. Parex's Colombia expansion intensifies competition in Ecopetrol's home market, potentially pressuring its market share and operational dynamics.

13 May

4 www.marketbeat.com, 5:12 PM
Ecopetrol S.A. released highlights from its Q1 earnings call, covering financial results, operational updates, and forward guidance. Q1 earnings call highlights disclose financial metrics, production updates, and strategic outlook that drive stock volatility and investor expectations.

12 May

4 PR Newswire, 8:16 AM
Ecopetrol discloses decision by Colombia's General Prosecutor's Office. Prosecutor's office decision signals major regulatory or legal development likely altering Ecopetrol's operations and market trajectory.

3 PR Newswire, 7:12 PM
Ecopetrol S.A. Board of Directors issues update. Board update likely influences key governance and strategic areas with moderate effect on performance.

9 May

4 Insider Monkey, 9:13 AM
Moody’s downgraded Ecopetrol S.A. (EC) and revised its outlook to negative due to concerns over the company's financial health and operational challenges. Moody’s credit downgrade and negative outlook signal heightened risk, likely raising borrowing costs and negatively impacting stock price and investor sentiment.

6 May

4 PR Newswire, 10:55 AM
Moody's downgraded Ecopetrol S.A.'s global credit rating to Ba2 from Ba1 and affirmed its stand-alone credit profile at b1, citing weakened liquidity, high leverage, and challenges in Colombia's oil sector. Credit downgrade to Ba2 signals higher borrowing costs and diminished investor confidence, significantly pressuring Ecopetrol's financial position and stock performance.

3 PR Newswire, 11:02 AM
Ecopetrol S.A. (EC) publishes its year-end periodic report for fiscal year 2025. Year-end report publication reveals financial and operational results affecting investor assessment of performance.

5 May

4 www.offshore-technology.com, 7:28 AM
Parex Resources will acquire a 50% stake in Ecopetrol's assets in Colombia's Magdalena Basin, forming a partnership for exploration and development. The 50% stake sale to Parex represents a major strategic farm-down that injects capital into Ecopetrol, reduces risk, and alters its asset portfolio trajectory.

4 May

4 GlobeNewswire, 5:15 PM
Parex Resources expands its strategic partnership with Ecopetrol by adding producing assets in the Magdalena Basin. Partnership expansion adds producing assets, significantly enhancing Ecopetrol's production capacity and revenue potential.

27 Apr

4 Insider Monkey, 1:48 AM
Ecopetrol S.A. (EC) announces a share purchase agreement to acquire an equity stake in Brava Energia S.A. Share purchase agreement for equity stake in Brava Energia signals major strategic expansion into new energy assets.

24 Apr

4 www.offshore-technology.com, 6:34 AM
Ecopetrol S.A. signed a Share Purchase Agreement to acquire a 26% stake in Brava Energia. Signing an SPA for 26% stake in Brava Energia marks a major strategic expansion into new assets for Ecopetrol.

23 Apr

4 Oilprice.com, 11:15 PM
Ecopetrol S.A. launches bid to acquire control of Brazil's Brava Energia by offering to buy shares from minority shareholders and exercise call options, aiming to consolidate its position in key offshore assets amid a competitive auction process. Ecopetrol's aggressive move to control Brava Energia expands its Brazilian offshore portfolio, potentially boosting reserves and production capacity.

4 PR Newswire, 3:08 PM
Ecopetrol S.A. enters into an agreement to acquire an equity stake in Brava Energia S.A., a company domiciled in Brazil. Agreement to acquire equity in a Brazilian energy firm represents a major strategic expansion into a regional market.

20 Apr

4 , 3:30 PM
Ecopetrol maintains strong oil and gas production in Colombia amid investment uncertainty from regulatory changes and political risks under the current government, balancing energy security with transition pressures. Political risks and investment uncertainty pose significant threats to Ecopetrol's growth trajectory despite robust production.

9 Apr

3 PR Newswire, 8:20 AM
Standard & Poor's Global Ratings affirmed Ecopetrol S.A.'s stand-alone credit profile and revised its global credit rating. S&P's affirmation of stand-alone credit profile indicates operational stability, while global rating revision may impact borrowing costs and investor sentiment.

7 Apr

4 PR Newswire, 8:54 AM
Ecopetrol's Board of Directors approved the 2024-2026 strategic plan, $3.2 billion investment budget focused on exploration and low-carbon transition, dividend payout of COP 114 per share, divestment of non-core assets, and key executive appointments. Board approvals of multi-year strategy, major capex, dividends, and divestments represent significant strategic moves likely to shape financial trajectory and investor sentiment.

2 Apr

4 PR Newswire, 9:49 PM
Ecopetrol S.A. obtains authorization to carry out a debt management transaction of up to USD 1.25 billion. Authorization for USD 1.25 billion debt transaction enhances financial flexibility and balance sheet strength, positively influencing market performance.

1 Apr

3 Zacks, 12:00 PM
Ecopetrol S.A. (EC) upgraded to Buy rating by analysts citing improved fundamentals, strong production outlook, and favorable oil prices. Analyst upgrade to Buy signals moderate boost to investor confidence and potential short-term stock gains without altering core operations.
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