Comp En De Mn Cemig ADS (NYSE:CIG) Shares Gap Up – Still a Buy?

Comp En De Mn Cemig ADS (NYSE:CIG)’s share price gapped up before the market opened on Monday. The stock had previously closed at $2.15, but opened at $2.38. Comp En De Mn Cemig ADS shares last traded at $2.4050, with a volume of 2,004,735 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Comp En De Mn Cemig ADS from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Comp En De Mn Cemig ADS currently has an average rating of “Hold”.

Comp En De Mn Cemig ADS Stock Down 0.6%

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 firm’s fifty day simple moving average is $2.09 and its 200 day simple moving average is $2.22. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 12.45 and a beta of 0.76.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Several institutional investors have recently added to or reduced their stakes in the stock. MW Advisory LLC acquired a new stake in shares of Comp En De Mn Cemig ADS in the 2nd quarter valued at about $34,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Comp En De Mn Cemig ADS by 61.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,445 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 6,652 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Comp En De Mn Cemig ADS during the first quarter worth about $73,000. EverSource Wealth Advisors LLC boosted its position in shares of Comp En De Mn Cemig ADS by 25.4% during the first quarter. EverSource Wealth Advisors LLC now owns 32,511 shares of the utilities provider’s stock worth $78,000 after buying an additional 6,588 shares during the period. Finally, Invested Advisors grew its holdings in shares of Comp En De Mn Cemig ADS by 65.7% during the second quarter. Invested Advisors now owns 42,168 shares of the utilities provider’s stock worth $89,000 after buying an additional 16,721 shares in the last quarter.

About Comp En De Mn Cemig ADS

Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a Brazilian electric utility headquartered in Belo Horizonte, Minas Gerais. Founded in 1952, the company operates across the electricity value chain, with activities that include power generation, transmission, distribution and energy sales.

Cemig serves customers in Minas Gerais and participates in energy activities elsewhere in Brazil through its operating subsidiaries and investments. Its generation portfolio includes hydroelectric facilities and other renewable energy assets, while its distribution business delivers electricity to residential, commercial and industrial customers.