Ecopetrol SA (EC) shares surged 5.04% in Friday's intraday trading, outpacing the broader energy sector's gains. The Colombian oil giant's stock rally can be attributed to a combination of positive factors, including a strategic acquisition in the renewable energy sector and better-than-expected quarterly results.

In a significant move towards diversification, Ecopetrol announced the successful closure of its $157.5 million acquisition of Colombian renewable energy projects totaling 0.6 gigawatt from Statkraft European Wind and Solar. This strategic investment positions Ecopetrol to capitalize on the growing demand for clean energy and aligns with global trends towards sustainable power generation.

Adding to the positive sentiment, Ecopetrol reported impressive third-quarter sales figures. The company's quarterly sales reached $7.460 billion, surpassing analyst consensus estimates of $7.350 billion by 1.50 percent. While this represents an 11.65 percent decrease compared to the same period last year, the better-than-expected performance amid challenging market conditions has boosted investor confidence. Furthermore, the company reported a net income of $700 million for the quarter, demonstrating its resilience in the face of market fluctuations.