Comp En De Mn Cemig ADS (NYSE:CIG) Stock Price Up 4.1% After Earnings Beat

Comp En De Mn Cemig ADS (NYSE:CIG) shares rose 4.1% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $1.91 and last traded at $1.9150. 653,136 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 5,813,466 shares. The stock had previously closed at $1.84.

The utilities provider reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. Comp En De Mn Cemig ADS had a return on equity of 16.89% and a net margin of 10.44%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings cut shares of Comp En De Mn Cemig ADS from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, October 26th. Wall Street Zen upgraded shares of Comp En De Mn Cemig ADS to a “hold” rating in a report on Saturday, October 17th. Finally, Zacks Research began coverage on shares of Comp En De Mn Cemig ADS in a research note on Monday, November 2nd. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the stock has an average rating of “Hold”.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC raised its holdings in Comp En De Mn Cemig ADS by 8.1% during the first quarter. Sequoia Financial Advisors LLC now owns 61,280 shares of the utilities provider’s stock valued at $146,000 after buying an additional 4,612 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Comp En De Mn Cemig ADS by 25.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 32,511 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 6,588 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Comp En De Mn Cemig ADS by 61.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,445 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 6,652 shares during the last quarter. rebel Financial LLC raised its stake in shares of Comp En De Mn Cemig ADS by 53.0% during the third quarter. rebel Financial LLC now owns 20,675 shares of the utilities provider’s stock worth $43,000 after buying an additional 7,162 shares during the last quarter. Finally, Ieq Capital LLC grew its holdings in shares of Comp En De Mn Cemig ADS by 33.6% in the 3rd quarter. Ieq Capital LLC now owns 31,127 shares of the utilities provider’s stock valued at $65,000 after buying an additional 7,837 shares during the period.

Comp En De Mn Cemig ADS Stock Performance

The stock has a market cap of $5.48 billion, a P/E ratio of 10.08 and a beta of 0.86. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a fifty day simple moving average of $2.12 and a 200-day simple moving average of $2.20.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais S.A. (CEMIG) is a Brazilian electric utility headquartered in Belo Horizonte, in the state of Minas Gerais. Founded in 1952, the company is controlled by the state government of Minas Gerais. CEMIG generates, transmits and distributes electricity, with a power portfolio that includes hydroelectric and renewable energy facilities. It also participates in electricity trading and provides natural gas distribution services in Minas Gerais through its business interests in Gasmig.