CEMIG (NYSE:CIG) Shares Gap Up – Still a Buy?

CEMIG (NYSE:CIG) 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.

Analyst Upgrades and Downgrades

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

CEMIG Trading Up 0.3 %

The firm has a 50-day moving average price of $1.88 and a 200-day moving average price of $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 stock has a market capitalization of $4.94 billion, a PE ratio of 3.22 and a beta of 1.30.

CEMIG Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were issued a $0.033 dividend. The ex-dividend date was Monday, March 31st. CEMIG’s payout ratio is 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.