EGT/iStock via Getty Images Ecopetrol S.A. is the third-largest energy and infrastructure group in Latin America. In 2023, they boasted a 14.4% ROAE. Their total production is the highest it has been since 2015, but their share price is down almost 50% from its 2019 price when oil was trading at $50-60/bbl. I believe the market is overestimating the risk of the left-wing Colombian leader and the increasing debt levels for Ecopetrol. Concurrently, the decreasing oil price has been putting downward pressure o ...