Ecopetrol Moves for Control Stake in Brazil’s Brava Energia With Premium Tender Offer

Claim 30% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Ecopetrol SA ( (EC) ) has issued an update. On April 23, 2026, Ecopetrol S.A. signed a share purchase agreement with key shareholders of Brazil’s Brava Energia S.A. to acquire 120,813,490 shares, or about 26% of Brava’s capital, marking a major expansion of its Brazilian upstream, midstream and downstream footprint. Brava, formed in 2024 via the merger of 3R Petroleum Óleo e Gás and Enauta Participações, is Brazil’s second-largest listed independent oil and gas company by reserves and production and reported 2025 EBITDA of $806 million with a 39% margin. Completion of the deal is subject to regulatory and contractual approvals and to Ecopetrol ultimately securing a 51% controlling stake in Brava through a voluntary tender offer on the B3 at R$23.00 per share, a roughly 27.8% premium to the 90-day VWAP, financed via a planned bridge loan. If finalized, Ecopetrol would add pro-rata 1P reserves from Brava’s 459 MMboe and immediate production from its 2025 average of 81,000 boe/d, reinforcing the group’s long-term 2040 strategy, boosting metrics such as ROACE and EBITDA, and further diversifying its asset base in a high-growth Brazilian market where it already operates. The most recent analyst rating on (EC) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Ecopetrol SA stock, see the EC Stock Forecast page. Spark’s Take on EC Stock According to Spark, TipRanks’ AI Analyst, EC is a Neutral. The score is anchored by weakening financial momentum (declining revenues/margins, softer ROE, and weaker cash conversion) and moderate leverage, partially offset by constructive price momentum and attractive valuation (low P/E and high dividend yield). Earnings call guidance was disciplined but highlighted meaningful oil-price and regulatory/tax risks. To see Spark’s full report on EC stock, click here. More about Ecopetrol SA Ecopetrol S.A. is the largest company in Colombia and one of the main integrated energy groups in the Americas, active across exploration and production, transportation, logistics, refining, petrochemicals and gas distribution. It also controls a majority stake in ISA, giving it significant positions in power transmission, real-time system management, road concessions and telecommunications across Brazil, Chile, Peru, Bolivia and Chile, alongside upstream interests in the United States, Brazil and Mexico. Average Trading Volume: 3,417,169 Technical Sentiment Signal: Buy Current Market Cap: $29.13B For an in-depth examination of EC stock, go to TipRanks’ Overview page.