CEMIG (NYSE:CIG) Shares Up 5.1% – Here’s Why

Shares of CEMIG (NYSE:CIG) shot up 5.1% during mid-day trading on Thursday . The company traded as high as $2.07 and last traded at $2.06. 642,080 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 2,316,799 shares. The stock had previously closed at $1.96.

Analyst Upgrades and Downgrades

Separately, Scotiabank began coverage on shares of CEMIG in a research note on Thursday, October 31st. They issued a “sector perform” rating for the company.

CEMIG Stock Up 4.8 %

The firm has a market cap of $5.88 billion, a P/E ratio of 4.67 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s 50 day simple moving average is $2.01 and its two-hundred day simple moving average is $1.96.

CEMIG (NYSE:CIG) last announced its quarterly earnings results on Tuesday, August 13th. The utilities provider reported $0.07 earnings per share for the quarter. The company had revenue of $1.81 billion during the quarter. CEMIG had a net margin of 15.70% and a return on equity of 21.49%. As a group, research analysts forecast that CEMIG will post 0.36 earnings per share for the current year.

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.