# Ecopetrol S.A. (EC)

> Source: Nexqual · https://nexqual.com/EC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ecopetrol S.A. (EC), nexqual.com/EC" · informational, not investment advice.

**Price:** USD 17.01 (-1.33% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.24 · day 16.65–17.47 · 52w 8.92–18.38 · market cap $35.0B · NYQ

## Key facts
- Analysts: Hold (mean 3.45 on a 1–5 scale) (11 analysts), mean target USD 14.48 (range 9–18).
- Total return with dividends: 1Y +95.1% vs S&P 500 +14.9%; 5Y +111.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 0.53, revenue estimate $34.59T.

## Analysts
Consensus Hold (mean 3.45 on a 1–5 scale), 11 analysts; mean target USD 14.48 (low 9, high 18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-14 | UBS | Target raised | Neutral | $14 → $16 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +95.1% | +111.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +95.6% | +16.1% |
| Volatility (annualized) | 39.0% | 37.3% |
| Max drawdown | -14.1% (Jun 2026→Jun 2026) | -46.9% (Apr 2022→Sep 2022) |

## Peers (Oil & Gas Integrated)
CVE (Cenovus Energy Inc) USD 32.01 -3.38% · YPF (YPF Sociedad Anonima) USD 49.17 -2.38% · E (ENI S.p.A.) USD 59.53 +0.56% · SU (Suncor Energy  Inc.) USD 77.41 -2.04% · EQNR (Equinor ASA) USD 46.42 +0.65% · BP (BP p.l.c.) USD 50.05 +0.40%

## More
Full page: https://nexqual.com/EC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EC's own 20-F filed 2026-04-30 (https://www.sec.gov/Archives/edgar/data/1444406/000110465926053172/ec-20251231x20f.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Colombia | "We are the main producer and supplier of refined products in Colombia." |
| Partner | Brava Energia S.A. (BVENY) | "On April 23, 2026, Ecopetrol announced that it entered into a Share Purchase Agreement with Jive, Yellowstone and Bloco Somah Printemps Quantum, which together constitute a group of significant shareholders holding appro…" |
| Partner | Madeira | "In 2024, the share of profit of associates and joint ventures caused a positive effect in our results of COP 540 billion, which corresponded to the participation in the results mainly of Transmissora Aliança de Energia E…" |
| Partner | China National Offshore Oil | "In 2018, we made progress in the internationalization of offshore exploration by entering the Brazilian pre-salt oil region, one of the areas with the greatest potential for oil reserves in the world, working together wi…" |
| Partner | Chevron (CVX) | "In 2018, we made progress in the internationalization of offshore exploration by entering the Brazilian pre-salt oil region, one of the areas with the greatest potential for oil reserves in the world, working together wi…" |
| Partner | Occidental Petroleum | "In 2019, we began operations in the Permian Basin through a strategic alliance with Occidental Petroleum." |
| Partner | Hocol | "The following table sets forth, for the periods indicated, the number of gross and net productive, dry, and under evaluation exploratory wells drilled by Ecopetrol S.A., Hocol and by our joint venture partners, and the e…" |
| Partner | Gecelca | "Accordingly, on August 15, 2022, we entered into an electric energy commercialization agreement with Gecelca S.A." |
| Partner | Garanhuns | "In 2023, the share of profit of associates and joint ventures caused a positive effect in our results of COP 530 billion, which corresponded to the participation in the results mainly of Transmissora Aliança de Energia E…" |

Other companies that name EC in their own reports (relationship from EC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | TENARIS SA (TS) | 20-F 2026-03-31 | "Our principal customer in Colombia is Ecopetrol S.A. ("Ecopetrol"), to which we supply Rig Direct® services." |
| partner | GeoPark Ltd (GPRK) | 20-F 2026-03-31 | "In Colombia, we maintain long-standing partnerships with Ecopetrol, the Colombian state-owned oil and gas company, including through its subsidiary Hocol, which is our partner in several blocks in the…" |
| partner | AES CORP (AES) | 10-K 2026-03-02 | "In 2025, AES Colombia executed an investment agreement for a partnership structure with Ecopetrol S.A. in connection with these projects." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.53 | $0.44 | +20.9% | $34.59T | 2 |
| Next quarter (ends 2026-12-31) | $0.82 | $0.30 | +173.8% | $35.74T | 2 |
| Current fiscal year (ends 2026-12-31) | $2.37 | $1.83 | +29.6% | $129.30T | 7 |
| Next fiscal year (ends 2027-12-31) | $1.88 | $1.56 | +20.6% | $118.49T | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±8.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.2% | ±8.8% |
| 2026-12-18 | 56 | 38.3% | ±12.1% |
| 2027-02-19 | 119 | 38.9% | ±17.6% |
| 2027-05-21 | 210 | 45.1% | ±27.5% |