Ecopetrol SA (EC) shares surged 5.04% in intraday trading on Friday, as investors responded positively to the company's recent acquisition of renewable energy assets and better-than-expected third-quarter results. The Colombian oil giant's stock outperformed the broader energy sector, which was showing modest gains.

The company announced that it has successfully closed its $157.5 million acquisition of Colombian renewable energy projects totaling 0.6 gigawatt from Statkraft European Wind and Solar. This strategic move into the renewable energy sector demonstrates Ecopetrol's commitment to diversifying its portfolio and aligning with global clean energy trends. The acquired assets include a company engaged in the development and operation of Statkraft's Colombian portfolio and six entities owning solar projects.

Adding to the positive sentiment, Ecopetrol reported quarterly sales of $7.46 billion, beating analyst consensus estimates of $7.35 billion by 1.50%. Although this represents an 11.65% decrease compared to the same period last year, the better-than-expected performance likely contributed to investor confidence. The company's ability to exceed sales projections in a challenging market environment, coupled with its expansion into renewable energy, appears to be driving the stock's significant upward movement amidst a generally positive trend in the energy sector.