CEMIG (NYSE:CIG) Shares Gap Down – Here’s What Happened

CEMIG (NYSE:CIG)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $1.76, but opened at $1.71. CEMIG shares last traded at $1.75, with a volume of 1,804,118 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CIG shares. Bank of America downgraded CEMIG from a “neutral” rating to an “underperform” rating in a report on Tuesday. HSBC cut shares of CEMIG from a “buy” rating to a “hold” rating in a research note on Friday, January 10th. Finally, Hsbc Global Res raised CEMIG to a “hold” rating in a research note on Friday, January 10th.

CEMIG Stock Performance

The stock has a market capitalization of $4.94 billion, a PE ratio of 3.22 and a beta of 1.30. The firm’s 50-day simple moving average is $1.88 and its two-hundred day simple moving average is $1.91. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35.

CEMIG Cuts Dividend

The business also recently announced a dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 31st were given a $0.033 dividend. The ex-dividend date was Monday, March 31st. CEMIG’s payout ratio is 25.93%.

About CEMIG

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.