Colombian Stocks: Mineros, Ecopetrol, Canacol, Pacific Rubiales
The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses, and prices are as of the close of trading.
Mineros SA (MINEROS) , a Colombian gold producer, decreased 0.9 percent to 4,780 pesos. Colombia is extending a freeze on mining concessions for three months, the country’s state-run mining agency, which began operating yesterday, said in an e-mailed statement. The agency said it is trying to resolve a backlog of petitions for mining rights and increase industry oversight.
Ecopetrol SA (EC) , Colombia’s largest oil company, dropped 4.3 percent to 5,600 pesos, the biggest one-day drop since Sept. 22. The company’s American depositary receipts were cut to the equivalent of sell at Banco Itau BBA SA by analysts Paula Kovarsky and Diego Mendes. “The valuation has become too rich,” they wrote. “Even assuming company guidance on reserves additions and production growth, we can’t manage to get close to current trading values” on a discounted cash flow basis.
Other oil producers dropped as crude oil for June delivery fell below $100 a barrel in New York for the first time since February and posted the biggest weekly drop since September.
Canacol Energy Ltd. (CNEC) , the Calgary-based oil company that operates fields in Colombia, fell 2.6 percent to 1,330 pesos. Petrominerales Ltd. (PMGC) , an oil company that operates in the Andean region, slumped 3.3 percent to 24,300 pesos. Pacific Rubiales Energy Corp. (PRE) , a Toronto-based oil producer that operates fields in Colombia, decreased 1.5 percent to 50,440 pesos.
To contact the reporter on this story: Christine Jenkins in New York at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org