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Companhia Energetica de Minas Gerais (NYSE: CIG): On Track To A Higher Share Price

Companhia Energetica de Minas Gerais (NYSE:CIG) shares, rose in value on Thursday, June 23, with the stock price down by -0.71% to the previous day’s close as strong demand from buyers drove the stock to $2.10.

Actively observing the price movement in the recent trading, the stock is buoying the session at $2.11, falling within a range of $2.09 and $2.14. The value of beta (5-year monthly) is 0.47 whereas the PE ratio is 4.27 over 12-month period. Referring to stock’s 52-week performance, its high was $2.61, and the low was $1.54. On the whole, CIG has fluctuated by -10.59% over the past month.

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The company’s Forward Dividend Ratio is 0.29, with its dividend yield at 13.74%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0, which is expected to increase to $0 for fiscal year $0.06 and then to about $0 by fiscal year 2022.

Analysts have estimated the company’s revenue for the quarter at $203.59 million, with a low estimate of $203.59 million and a high estimate of $203.59 million. Wall Street analysts also predicted that in 2022, the company’s y-o-y revenues would reach $809.71 million, representing a decrease of -83.50% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CIG’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Buy.

11 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 7 analyst(s), 3 recommend it as a Buy and 0 called the CIG stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 1 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CIG currently trading nearly -9.31% and -8.04% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 38.25, while the 7-day volatility ratio is showing 2.95% which for the 30-day chart, stands at 2.67%. Furthermore, Companhia Energetica de Minas Gerais (CIG)’s beta value is 0.59, and its average true range (ATR) is 0.07. The company’s stock has been forecasted to trade at an average price of $2.14 over the course of the next 52 weeks, with a low of $2.14 and a high of $2.14. Based on these price targets, the low is -1.9% off current price, whereas the price has to move -1.9% to reach the yearly target high. Additionally, analysts’ median price of $2.14 is likely to be welcomed by investors because it represents a decrease of -1.9% from the current levels.

A comparison of Companhia Energetica de Minas Gerais (CIG) with its peers suggests the former has fared considerably weaker in the market. CIG showed an intraday change of -0.71% in today’s session so far, and over the past year, it grew by 13.54%%. In comparison, FirstEnergy Corp. (FE) has moved higher at 0.83% today and is down -3.41% over the past 12 months. On the other hand, the price of Companhia Paranaense de Energia – COPEL (ELP) has fallen -0.91% today. The stock, however, is off 9.20% from where it was a year ago. The PE ratio stands at 4.27 for Companhia Energetica de Minas Gerais, compared to 16.79 for FirstEnergy Corp., and 24.74 for Companhia Paranaense de Energia – COPEL.

Data on historical trading for Companhia Energetica de Minas Gerais (NYSE:CIG) indicates that the trading volumes over the past 3 months, they’ve averaged 7.42 million. According to company’s latest data on outstanding shares, there are 2.20 billion shares outstanding.

Nearly 1.00% of Companhia Energetica de Minas Gerais’s shares belong to company insiders and institutional investors own 19.90% of the company’s shares. The stock has risen by 12.88% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CIG stock heading into the next quarter.

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