Earnings Release Ecopetrol | Quarterly results slightly below our estimates, but already priced in by the market
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May 1, 2014 (www.investorideas.com newswire) 1Q14´s revenues grew despite a drop in production and Brent prices, as a result of a big COP devaluation. We remain cautious about future oil prices, given a larger supply from North America and the Middle East. Operating expenses rose 87% YoY, pressuring operating margins. Exploration during 1Q14 was a little disappointing: 8 wells were drilled and only one showed hydrocarbon. The stock price is trading at an EV/EBITDA 2014 multiple of 5.13x, above its peers (4.87x); and an EV/EBITDA 12M multiple of 5.7x, in line with its peers. We maintain our Target Price for 2014 at COP 3,925/share and a HOLD recommendation
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