The stock of Companhia Energetica Minas Gerais (ADR) (NYSE:CIG) is a huge mover today! The stock decreased 2.26% or $0.06 during the last trading session, hitting $2.59. About 4.00 million shares traded hands or 5.54% up from the average. Companhia Energetica Minas Gerais (ADR) (NYSE:CIG) has risen 72.67% since February 29, 2016 and is uptrending. It has outperformed by 62.24% the S&P500.
The move comes after 7 months negative chart setup for the $3.24B company. It was reported on Oct, 1 by Barchart.com. We have $2.46 PT which if reached, will make NYSE:CIG worth $162.00 million less.
According to Zacks Investment Research, “CEMIG SA -ADR is active in the generation, transmission, distribution and commercialization business, Cemig continues to invest in the expansion of its services and in new technologies so as to remain a top notch company nationwide. Using power sources such as hydraulic, thermal, wind and solar power and even other more advanced technologies, such as hydrogen fuel cells, Cemig goes on providing, under any circumstances, alternatives for the supply and commercialization of electric energy.”
Another recent and important Companhia Energetica Minas Gerais (ADR) (NYSE:CIG) news was published by Fool.com which published an article titled: “CIG Stock: Is Companhia Energetica Minas Gerais (ADR) a Good Investment?” on September 18, 2015.
CIG Company Profile
Companhia Energetica de Minas Gerais CEMIG, incorporated on May 22, 1952, is a Brazil holding firm mainly engaged in the generation, transmission and distribution of electricity. The Firm operates through the divisions: Generation, Transmission, Distribution, Telecom, Gas and Other. As of December 31, 2014, the Company generated electricity at 78 hydroelectric plants, three thermoelectric plants and 23 wind farms, with total installed capacity of 7,716 Megawatts. Of this capacity, the hydroelectric plants had a total of 7,334 Megawatts, the thermal plants 184 Megawatts, and the wind farms 199 Megawatts. The Company’s electric power transmission business consists of transporting power from the facilities where it is generated to points of consumption, distribution networks and Free Consumers. The transmission network consists of power transmission lines and substations with voltage of 230 kilovolts or more.
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