Bloomberg News

Colombian Stocks: Ecopetrol, Pacific Rubiales, Petrominerales

June 22, 2012

The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses, and prices are as of the close of trading.

The IGBC Index (IGBC) dropped 0.8 percent to 13,439.95, while the Colcap Index decreased 0.3 percent to 1,633.51.

Ecopetrol SA (ECOPETL) , the country’s largest oil company, slumped 2.9 percent to 5,080 pesos, the lowest close since Feb. 28. Citigroup Inc. cut Ecopetrol’s New York-traded shares to sell on concern slumping crude prices will prompt the company to pare back dividends.

“Our outlook for oil prices bring downside risk to the company’s earnings and ultimately to its large dividend payout, in our view, the catalyst for recent outperformance,” Citigroup analysts Pedro Medeiros and Fernando Valle, who cut the stock from neutral, wrote in the report.

Other oil producers fell as crude for August delivery rebounded after touching $77.56 a barrel, the lowest intraday price since Oct. 5. Futures fell 5.1 percent this week.

Pacific Rubiales Energy Corp. (PRE) , which operates the country’s largest oil field, fell 1 percent to 38,200 pesos. Petrominerales Ltd. (PMG) , a Calgary-based oil company that operates in the Andean region, decreased 0.7 percent to 20,080 pesos.

To contact the reporter on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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