Long Position on EC @ $14.60 on 2/2/2022 (Fundamentals)

Ecopetrol S.A. (EC) operates as an integrated oil and gas company.  

The Colombian company operates through three segments: Exploration and Production; Transport and Logistics; and Refining, Petrochemical and Biofuels.

It engages in the exploration, production, and sale of oil and gas; offshore exploration; energy supply services; specialized management services; and distribution of natural gas and LPG activities.

It also transports and distributes hydrocarbons and derivative products. As of December 31, 2020, the company had approximately 9,127 kilometers of crude oil and multi-purpose pipelines.

In addition, the company manufactures and commercializes polypropylene resins, compounds, and masterbatches; and offers refined and petrochemical products, and biofuels, as well as industrial service sales to customers. It has operations in Colombia, the United States, Asia, Central America and the Caribbean, Europe, South America, and internationally. Ecopetrol S.A. has a strategic alliance with Occidental Petroleum Corporation (OXY). 

Shares have formed a bullish "flag" as oil and gas prices have soared. Higher share prices out of this formation are expected. The company reports its quartrly results on February 15th. 

Entry Point: $14.60

Stop Loss: $13.70

Trading Range: $11.52 - $15.91

Target Price: $16.10

Updates

3/1/2022 10:00:05 AM

closed at $16.98

Position closed on 3/1/2022 at price of $16.98 with a 16.30% gain in 27 days.

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