Jefferies initiated coverage of Ecopetrol with an Underperform rating and $11.20 price target. The acquisition of power transmission player ISA in 2021 has transformed Ecopetrol from a national oil company into a truly national energy company, the analyst tells investors in a research note. However, the firm believes the company now has a levered balance sheet and limited upstream growth. It feels the stock’s risk/reward is negatively skewed.
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