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Citibank, one of the world’s leading financial institutions, has further lowered its target price for Ecopetrol (NYSE: EC).

How bad is it? ECP’s 3Q24 results came out recently and Net Income fell once again. The share price continues to fall. Reputable investment banks question the NOC’s governance and suggest the share price could fall further. But do the numbers justify the gloom and doom?

Ecopetrol’s (NYSE: EC) stock price has dropped to levels reminiscent of the global market crash caused by the COVID-19 pandemic, raising concerns about the financial health of Colombia’s state-owned oil company.

Ecopetrol’s (NYSE: EC) President, Ricardo Roa, outlined a robust austerity and efficiency strategy to address the challenges facing Colombia’s largest oil company.

Fitch Ratings has maintained Colombia’s long-term and short-term credit ratings at AAA and F1, respectively, but issued significant warnings regarding governance issues at Ecopetrol (NYSE: EC), the nation’s largest and most profitable state-owned oil company.

Despite resigning from Ecopetrol’s Board of Directors over two months ago, Juan José Echavarría and Luis Alberto Zuleta remain unable to formally leave their positions.

Ecopetrol (NYSE: EC) recommended to shareholders to not issue an extraordinary dividend in 2025.

Ricardo Roa Barragán, President of Ecopetrol (NYSE: EC), proposed that the Colombian government initiate a buyback of the company’s shares.

Ricardo Roa, President of Ecopetrol (NYSE: EC), announced plans to construct a proprietary regasification terminal as part of efforts to secure Colombia’s gas supply.

Ecopetrol (NYSE: EC) announced its third quarter 2024 results, with yet another decrease in key metrics.