Ecopetrol S.A. American Depositary Shares

Analyst Ratings Synthesis

Consensus is Underperform from all seven analysts, with a stated mean target of 13.5; low and high targets are unavailable, so target clustering and spread cannot be assessed. The supplied material does not identify the most bullish or least bullish analyst, and no individual analyst target is provided. During the evidence window, Zacks added Ecopetrol to its Rank #5 Strong Sell list on August 5, a bearish named-firm action that followed the supplied closing period. No other rating or target revisions are reported, so the evidence does not establish whether consensus moved or identify the substantive disagreement behind the target range.

• New Strong Sell Stocks for August 5th