CEMIG (NYSE:CIG) Shares Gap Up – Here’s Why

CEMIG (NYSE:CIG)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $1.72, but opened at $1.76. CEMIG shares last traded at $1.73, with a volume of 118,604 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Bank of America lowered shares of CEMIG from a “neutral” rating to an “underperform” rating in a research note on Tuesday. Hsbc Global Res raised CEMIG to a “hold” rating in a research note on Friday, January 10th. Finally, HSBC downgraded CEMIG from a “buy” rating to a “hold” rating in a report on Friday, January 10th.

CEMIG Stock Performance

The business’s fifty day moving average is $1.88 and its two-hundred day moving average is $1.91. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $4.94 billion, a PE ratio of 3.22 and a beta of 1.30.

CEMIG Cuts Dividend

The business also recently announced a dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were issued a $0.033 dividend. The ex-dividend date was Monday, March 31st. CEMIG’s dividend payout ratio is currently 25.93%.

CEMIG Company Profile

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.