(EC) Ecopetrol S.A. – Exploratory Oil and Gas Production Up 14%

December 18th, 2009

Ecopetrol S.A. (EC) estimates are climbing and the company recently laid out its 2010 investment plan, that includes an 11% increase.

Company Description

Ecopetrol is a Colombian petroleum company. The company extracts, collects, treats, stores and pumps oil and gas.

$7 Billion Investment

On Dec 11 Ecopetrol said it will increase its investment plan by 11%, to $6.93 billion in 2010. The vast majority of the money will go into Columbia. About 65% will go toward exploration and production.

Production Up 14%
Ecopetrol reported third-quarter results on Oct 21 that included a 13% rise in total production. During the month of September the company started 12 new exploratory wells.

Sales volume rose almost 18% on higher production and purchases of hydrocarbons. Earnings per share were 2 cents, however there are no quarterly estimates for the company.

Jump in Estimates

The full-year Zacks Consensus Estimate for 2009 is now $1.30, up 19 cents after the report. Forecasts for next year are averaging $1.70, up 40 cents. These represent expected growth rates of 347% and 31%.

The Chart

Shares of EC have been declining recently, which is bringing valuations back in line. The lower price could make a good entry point.

Bill Wilton is the Growth Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Growth Trader service

Zacks Investment Research

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Read more on Ecopetrol SA Adr, Oil at Wikinvest

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