Ecopetrol (EC, Financial) has formalized an Investment Framework Agreement with AES Colombia & CIA to develop a substantial stake in the Jemeiwaa Ka’I wind cluster. This initiative marks a significant venture into renewable energy for the company, pending the completion of necessary conditions and legal procedures.
The Jemeiwaa Ka’I wind cluster is situated in La Guajira, specifically in the municipality of Uribia, and represents a significant renewable energy project. It is set to include a portfolio of wind projects in both the upper and middle regions of Guajira, with a planned capacity of approximately 1,087 megawatts (MW). Additionally, the project will incorporate the construction of a 35-kilometer transmission line to support energy distribution.
This collaboration highlights Ecopetrol's commitment to enhancing its renewable energy capabilities, aligning with global trends toward sustainable energy solutions.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 10 analysts, the average target price for Ecopetrol SA (EC, Financial) is $10.74 with a high estimate of $25.00 and a low estimate of $7.00. The average target implies an upside of 19.46% from the current price of $8.99. More detailed estimate data can be found on the Ecopetrol SA (EC) Forecast page.
Based on the consensus recommendation from 11 brokerage firms, Ecopetrol SA's (EC, Financial) average brokerage recommendation is currently 3.3, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Ecopetrol SA (EC, Financial) in one year is $9.48, suggesting a upside of 5.45% from the current price of $8.9901. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Ecopetrol SA (EC) Summary page.
