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When Would Be The Best Time To Buy Companhia Energetica de Minas Gerais (NYSE: CIG) Stock?

Companhia Energetica de Minas Gerais (NYSE:CIG) traded at $2.26 at last check on Tuesday, 01/24/23, made an upward move of 3.62% on its previous day’s price.

Looking at the stock we see that its previous close was $2.18 and the beta (5Y monthly) reads 0.64 with the day’s price range being $2.12 – $2.19. The company has a trailing 12-month PE ratio of 6.81. In terms of its 52-week price range, CIG has a high of $2.47 and a low of $1.69. The company’s stock has gained about 8.93% over that past 30 days.

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Companhia Energetica de Minas Gerais has a market cap of $5.76 billion. With its Forward Dividend at 0.30 and a yield of 13.95%, the company’s investors could be anxious for the CIG stock to gain ahead of the earnings release.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $203.59 million, with a low of $203.59 million and a high of $203.59 million. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2021 is expected to hit $6.23 billion, or 27.40% up from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the CIG stock, short term indicators assign the stock an average of Hold, while medium term indicators assign it an average of 50% Sell. Long term indicators on average place the stock in the category of 50% Buy.

Looking further, we note the current price level is 7.44% off its SMA20 and 11.95% from its 50-day simple moving average. The RSI (14) is pointing at 62.55 while the volatility over the past week is 3.47% and jumps to 3.66% over the past one month. The beta value is 0.69, while the average true range (ATR) is currently pointing at 0.08.

Let’s briefly compare Companhia Energetica de Minas Gerais (CIG) stock to its peers. We find that today’s price change of 3.62% and 24.80% over the past 12 months for CIG competes that of FirstEnergy Corp. (FE), which has seen its stock price fall -1.21% in the latest trading session and is -0.36% over the last one year. Another of its peers Companhia Paranaense de Energia – COPEL (ELP) has gained 2.89% today, and was 27.53% up over the past year. Companhia Energetica de Minas Gerais has a P/E ratio of 6.81 compared to FirstEnergy Corp.’s 18.74 and Companhia Paranaense de Energia – COPEL’s 117.26. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial are today at -1.43% and -1.17%, respectively, in early deals.

Coming back to Companhia Energetica de Minas Gerais (NYSE:CIG), we note that the average 3-month trading volume was 6.77 million, while that of the preceding 10-day period stands at 5.32 million. Current shares outstanding are 2.20 billion.

The insiders hold 1.00% of the company’s shares while institutions hold 21.80%. The data shows that short shares as of Oct 13, 2022, stood at 11.17 million at a short ratio of 1.63. This represents a 0.51% short interest in shares outstanding on Oct 13, 2022. Shares short fall in October from the previous month at 14.39 million. Investors should be excited about this stock as its upside potential is great, with today’s price pushing the stock 7.39% up in year-to-date price movement.

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