Ecopetrol S.A.

BVC:ECOPETROL Stock Report

Market Cap: Col$110.0t

Ecopetrol Future Growth

Future criteria checks 0/6

Ecopetrol is forecast to grow earnings and revenue by 4.2% and 0.08% per annum respectively. EPS is expected to grow by 9.5% per annum. Return on equity is forecast to be 14.9% in 3 years.

Key information

4.2%

Earnings growth rate

9.54%

EPS growth rate

Oil and Gas earnings growth5.5%
Revenue growth rate0.08%
Future return on equity14.85%
Analyst coverage

Good

Last updated29 Jul 2026

Recent future growth updates

Recent updates

Narrative Update • Jul 24

ECOPETROL: Rising P/E Expectations Will Likely Exceed Weakening Margin Outlook

The analyst price target for Ecopetrol has been revised from COP 1,400 to COP 1,898. Analysts cite adjustments in discount rate assumptions, slightly less severe expected revenue declines, a lower projected profit margin, and a higher future P/E multiple as the key drivers of this change.
Narrative Update • Jul 10

ECOPETROL: Labor Deal And Renewable Push Will Support Balanced Medium-Term Outlook

Analysts have adjusted their price target for Ecopetrol to COP2,533 from COP1,867, citing updated views on revenue growth, profit margins and future P/E assumptions that feed into their valuation work. What's in the News Ecopetrol reached a new six year collective bargaining agreement with the Oil Workers Union (Unión Sindical Obrera, USO), along with 66 agreements with other labor unions, covering working conditions, health and education benefits, diversity and inclusion initiatives, and social investment.
Narrative Update • Jun 26

ECOPETROL: Labor Agreements And Renewable Projects Will Support A Rerating

Analysts have raised their Ecopetrol price target from COP 2,400 to COP 2,800, citing updated assumptions that include a lower discount rate, a shift to positive revenue growth expectations, an adjusted profit margin outlook, and a higher future P/E multiple. What’s in the News for Ecopetrol Ecopetrol reached a new six year collective bargaining agreement with the Oil Workers Union and concluded 66 additional agreements with other labor unions, covering working conditions, health and education benefits, diversity and inclusion initiatives, and social investment, with formalization before the Ministry of Labor still pending.

Earnings and Revenue Growth Forecasts

BVC:ECOPETROL - Analysts future estimates and past financials data (COP Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028118,994,00511,101,09511,678,87231,069,87510
12/31/2027120,511,44712,069,70313,232,53432,541,02512
12/31/2026125,297,51613,628,71312,500,91235,991,83911
3/31/2026116,954,0008,789,00012,218,00034,398,000N/A
12/31/2025119,694,0009,029,00011,418,00033,342,000N/A
9/30/2025125,666,75411,400,09912,829,32334,624,597N/A
6/30/2025130,433,75412,486,09916,329,10538,211,017N/A
3/31/2025133,391,30714,050,45423,754,30545,234,437N/A
12/31/2024133,328,00014,935,00023,331,00045,127,000N/A
9/30/2024133,330,49215,265,40524,682,75445,950,701N/A
6/30/2024133,853,98416,702,21015,407,05537,675,441N/A
3/31/2024135,526,86017,413,212548,75223,744,092N/A
12/31/2023143,078,00019,062,000-4,289,00019,801,000N/A
9/30/2023147,962,25721,684,562-4,535,75320,758,084N/A
6/30/2023156,270,10126,111,5266,873,68531,503,295N/A
3/31/2023165,854,78932,494,07610,857,87134,519,253N/A
12/31/2022159,473,95433,406,29114,356,80036,234,570N/A
9/30/2022151,591,34731,987,47717,913,10135,884,740N/A
6/30/2022131,588,61625,881,56610,186,71926,229,259N/A
3/31/2022107,147,97419,135,8589,181,62223,389,057N/A
12/31/202191,744,08016,694,6849,241,05922,536,021N/A
9/30/202174,472,73510,790,7354,919,93516,861,949N/A
6/30/202163,359,9548,238,8914,667,93615,109,071N/A
3/31/202152,357,4014,539,708-534,0769,547,580N/A
12/31/202050,223,3931,586,677-1,930,1579,186,704N/A
9/30/202055,059,4745,514,303-3,097,01211,416,230N/A
6/30/202060,750,9247,670,2881,535,97517,198,856N/A
3/31/202070,617,85811,132,3709,974,30325,449,871N/A
12/31/201971,488,51213,744,011N/A27,711,767N/A
9/30/201970,579,78211,890,082N/A24,671,737N/A
6/30/201970,441,45611,653,935N/A23,916,161N/A
3/31/201969,119,94311,686,136N/A22,553,964N/A
12/31/201868,603,87211,381,386N/A22,469,194N/A
9/30/201865,612,68212,893,711N/A24,221,209N/A
6/30/201861,061,53011,122,142N/A20,336,229N/A
3/31/201857,225,3978,907,493N/A17,191,879N/A
12/31/201755,210,2246,620,412N/A16,973,626N/A
9/30/201753,913,4114,263,238N/A14,439,264N/A
6/30/201752,771,9013,488,707N/A15,606,894N/A
3/31/201751,372,4012,971,137N/A14,884,713N/A
12/31/201648,485,5612,447,881N/A14,232,940N/A
9/30/201647,452,780-8,136,037N/A13,798,588N/A
6/30/201648,272,338-7,711,086N/A12,104,190N/A
3/31/201650,531,019-6,991,295N/A12,181,749N/A
12/31/201552,347,271-7,193,859N/A11,677,915N/A
9/30/201553,568,565-848,791N/A11,575,691N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ECOPETROL's forecast earnings growth (4.2% per year) is below the savings rate (10.8%).

Earnings vs Market: ECOPETROL's earnings (4.2% per year) are forecast to grow slower than the CO market (10.6% per year).

High Growth Earnings: ECOPETROL's earnings are forecast to grow, but not significantly.

Revenue vs Market: ECOPETROL's revenue (0.08% per year) is forecast to grow slower than the CO market (6.1% per year).

High Growth Revenue: ECOPETROL's revenue (0.08% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ECOPETROL's Return on Equity is forecast to be low in 3 years time (14.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/01 07:38
End of Day Share Price 2026/07/31 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Ecopetrol S.A. is covered by 25 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Matthew ThomasBarclays
Caio RibeiroBofA Global Research
Vicente Falanga NetoBradesco S.A. Corretora de Títulos e Valores Mobiliários