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Colombia Stock Movers: Canacol, Isagen, Petrominerales, Rubiales

May 14 (Bloomberg) -- The following companies had unusual price changes in Bogota trading. Stock symbols are in parentheses, and prices are as of the close of trading.

The IGBC Index dropped 2.2 percent to 14,685.95, while the Colcap Index decreased 2 percent to 1,740.03.

Isagen SA (ISAGEN CB) fell 3.5 percent to 2,375 pesos. The Colombian energy company acquired 10 properties that were adversely affected by its Trasvase Manso tunnel project, Isagen said in a regulatory filing. The project is waiting for regulatory approval to begin operations which are slated for December, the company said on April 30.

Petrominerales Ltd. (PMGC CB), a Calgary-based oil company that operates in the Andean region, slumped 6.3 percent to 22,420 pesos. The target price for the Canadian-traded shares was cut to C$15 from C$16 at Raymond James Ltd. by analysts led by Rafi Khouri. “Investors will require the company to deliver at least two consecutive quarters of production growth prior to assigning materially higher multiples,” they wrote in a report today. First-quarter production averaged 34,047 barrels of oil per day compared with 40,802 the prior year, Petrominerales said in a May 9 regulatory filing.

Oil producers dropped as crude for June delivery fell to the lowest level in almost five months in New York.

Canacol Energy Ltd. (CNEC CB), the Calgary-based oil company that operates fields in Colombia, slumped 3.9 percent to 1,240 pesos. Pacific Rubiales Energy Corp. (PREC CB), which operates Colombia’s largest oil field, fell 3.6 percent to 48,020 pesos.

To contact the reporter on this story: Christine Jenkins in New York at cjenkins28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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