Ecopetrol downgraded to Neutral from Buy at Citi

Citi analyst Andres Cardona downgraded Ecopetrol to Neutral from Buy with an unchanged price target of $12.50 after the company hosted its investor day meeting. The company made “relatively small changes to the 2022 update,” with perhaps some incremental emphasis on the energy transition agenda, but in practice the hydrocarbon business will remain the main business at least until the end of this decade and the “big change” will come after 2030, the analyst tells investors.