EcoPetrol SA (EC) , the only integrated oil and natural gas company in Colombia, listed its stock today on the New York Stock Exchange as an American Depository Shares (ADS). Each ADS share represents 20 common shares.In November 2007, the company had a successful IPO in the Colombian stock market raising about US $10B. The initial IPO price of the stock on Nov 26,2007 was Colombian Pesos 1.4000. This Friday it closed at 2.580 Colombian Pesos (CP). Thats a growth of about 84%. So EcoPetrol common has had a tremendous run down in Colombia. As the demand for oil grows and the price of crude goes up and down in this tough market, EcoPetrol is definitely worth watching for a US investor.
The following are some facts about EcoPetrol:
1.EC is already up $5 since it started trading from a low of $22.40. Now it goes for $27.35
2. Revenue was $15B for 12 months ending June 30,2008.
3. The comapny’s logo is an Iguana.
4. Net income in 2007 was $2.57 B compared with $1.68B in 2006.
5. Foreign sales accounted for 28% of revenue in 2007.