The title of the oil company increased by 3% as a result of oil recovery this Friday.
The ADR was issued ten years ago for a price of US $ 22.
It has been ten years since Ecopetrol rang New York Stock Exchange to announce the start of trading in your ADR, a title that groups 20 shares of the oil company. In fact, only a small group of Colombian companies are listed on this market, making them perhaps the best known to international investors.
The ADR was issued ten years ago at a price of US $ 22, reaching its maximum in 2012 to US $ 67.92 and currently trading close to US $ 22. During the day even this Friday started with a valuation of 3% (US $ 22.5). In fact, the history of Ecopetrol has had its pros and cons in the stock market, but analysts nevertheless point to their role in the US equity market.
Juan David Ballén, analyst at Casa de Bolsa, explains that "the history of Ecopetrol on the New York Stock Exchange has two phases: as far as the market is concerned, it attracted a lot of attention from international investors, and it was in 2012 when it came to its peak as a result of the oil boom, but it was the same rough, but this time a price crisis, making it a minimum of less than US $ 6 in January 2016. And although it is now almost the same as the issue price, the company already has better indicators such as profits above $ 6 billion in 2017. "
Nevertheless, Ballén warns that "the international investors still have concerns about Ecopetrol, the largest is the low level of reserves (for less than 6 years). It is therefore necessary to improve this indicator so that the ADR is more demanded in New York, although it is clear that the oil price remains a major determining factor ".
Despite the challenges, several analysts and entities have celebrated the tenth anniversary of Ecopetrol in New York. In fact, the flags of the oil company were placed at the entrance to the fair.