Is Companhia Energetica de Minas Gers CEMIG (CIG)’s Fuel Running Low? The Stock Just Declined Again

August 11, 2017 - By Winifred Garcia

The stock of Companhia Energetica de Minas Gers CEMIG (NYSE:CIG) is a huge mover today! About 6.10M shares traded or 104.70% up from the average. Companhia Energetica de Minas Gers CEMIG (NYSE:CIG) has risen 59.02% since August 11, 2016 and is uptrending. It has outperformed by 42.32% the S&P500.
The move comes after 8 months negative chart setup for the $3.26B company. It was reported on Aug, 11 by Barchart.com. We have $2.43 PT which if reached, will make NYSE:CIG worth $130.40 million less.

Companhia Energetica de Minas Gers CEMIG (NYSE:CIG) Ratings Coverage

Among 2 analysts covering Cia Energetica de Minas Gerais (NYSE:CIG), 0 have Buy rating, 1 Sell and 1 Hold. Therefore 0 are positive. Cia Energetica de Minas Gerais had 2 analyst reports since April 26, 2017 according to SRatingsIntel. Goldman Sachs downgraded the shares of CIG in report on Friday, July 14 to “Sell” rating. The stock of Companhia Energetica de Minas Gers CEMIG (NYSE:CIG) earned “Neutral” rating by JP Morgan on Wednesday, April 26.

More notable recent Companhia Energetica de Minas Gers CEMIG (NYSE:CIG) news were published by: Reuters.com which released: “Cemig, Odebrecht split on Chinese offer for stake in power project: sources” on July 27, 2017, also Reuters.com with their article: “Exclusive: Five companies eye Brazil’s Cemig Telecom, sources say” published on June 30, 2017, Reuters.com published: “Brazil utility Cemig may sell up to 6.5 billion reais in assets” on June 01, 2017. More interesting news about Companhia Energetica de Minas Gers CEMIG (NYSE:CIG) were released by: Reuters.com and their article: “Exclusive: Brazil’s Cemig mulls sale of stake in venture with Vale: sources” published on November 18, 2016 as well as Fool.com‘s news article titled: “Shares of CEMIG Slump Following Court Injunction” with publication date: March 22, 2017.

Companhia Energetica de Minas Gerais-CEMIG is a holding firm that is engaged in the generation, transmission and distribution of electricity. The company has market cap of $3.26 billion. The Company’s divisions include Generation, Transmission, Distribution, Telecom, Gas and Other. It has a 15.02 P/E ratio. The Company, through its interests in subsidiaries or jointly controlled entities, is engaged in the activities of the construction and operation of systems for sale of electricity, as well as various fields of energy and telecommunications, for the purpose of commercial operation.

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