The trading price of Companhia Energetica de Minas Gerais (NYSE:CIG) closed lower on Tuesday, May 23, closing at $2.37, -0.84% lower than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $2.35 and $2.395. The company’s P/E ratio in the trailing 12-month period was 6.32. In examining the 52-week price action we see that the stock hit a 52-week high of $2.55 and a 52-week low of $1.72. Over the past month, the stock has lost -2.47% in value.
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Companhia Energetica de Minas Gerais, whose market valuation is $6.25 billion at the time of this writing. The dividend yield on the company stock is 19.31%, while its Forward Dividend ratio is 0.46. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $0 per share this quarter, however they have predicted annual earnings per share of $0 for 2021 and $0.06 for 2022.
From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2021 is $6.23 billion. The company’s revenue is forecast to grow by 27.40% over what it did in 2021.
A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Companhia Energetica de Minas Gerais No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest CIG has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Buy, while an average of long term indicators suggests that the stock is currently 75% Buy.
Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned CIG a recommendation rating is 8. Out of them, 8 rate it a Hold, while 0 recommend Buy, whereas 0 assign an Overweight rating. 0 analyst(s) have tagged Companhia Energetica de Minas Gerais (CIG) as Underweight, while 0 advise Sell. Analysts have rated the stock Hold, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.
A quick review shows that CIG’s price is currently -1.64% off the SMA20 and 3.78% off the SMA50. The RSI metric on the 14-day chart is currently showing 49.00, and weekly volatility stands at 2.12%. When measured over the past 30 days, the indicator reaches 2.52%. Companhia Energetica de Minas Gerais (NYSE:CIG)’s beta value is currently sitting at 0.79, while the Average True Range indicator is currently displaying 0.06. With analysts defining $2.14-$2.14 as the low and high price targets, we arrive at a consensus price target of $2.14 for the trailing 12-month period. The current price is about 9.7% off the estimated low and 9.7% off the forecast high, based on this estimate. Investors will be thrilled if CIG’s share price rises to $2.14, which is the median consensus price. At that level, CIG’s share price would be 9.7% above current price.
To see how Companhia Energetica de Minas Gerais stock has been performing in comparison to its peers in the industry, here are the numbers: CIG stock’s performance was -0.84% in the latest trading, and 8.32% in the past year, while FirstEnergy Corp. (FE) has traded 0.03% on the day and positioned -10.55% lower than it was a year ago. Another comparable company Companhia Paranaense de Energia – COPEL (ELP) saw its stock close 0.95% higher in the most recent trading session but was up 3.85% in a year. Companhia Energetica de Minas Gerais has a P/E ratio of 6.32, compared to FirstEnergy Corp.’s 53.01 and Companhia Paranaense de Energia – COPEL’s 94.05. Also in last trading session, the S&P 500 Index has plunged -1.12%, while the Dow Jones Industrial also saw a negative session, down -0.69% on the day.
An evaluation of the daily trading volume of Companhia Energetica de Minas Gerais (NYSE:CIG) indicates that the 3-month average is 3.79 million. However, this figure has increased over the past 10 days to an average of 3.58 million.
Currently, records show that 1.46 billion of the company’s shares remain outstanding. The insiders hold 1.00% of outstanding shares, whereas institutions hold 21.80%. The stats also highlight that short interest as of Apr 27, 2023, stood at 1.8 million shares, resulting in a short ratio of 0.4 at that time. From this, we can conclude that short interest is 0.08% of the company’s total outstanding shares. It is noteworthy that short shares in April were down slightly from the previous month’s figure, which was 2.88 million. However, since the stock’s price has seen 18.68% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.