Scotiabank Initiates Coverage on CEMIG (NYSE:CIG)

Scotiabank assumed coverage on shares of CEMIG (NYSE:CIG - Free Report) in a research report released on Thursday, MarketBeat.com reports. The firm issued a sector perform rating on the utilities provider's stock.

CEMIG Stock Performance

Shares of NYSE:CIG traded down $0.03 during mid-day trading on Thursday, reaching $1.92. 1,753,794 shares of the company traded hands, compared to its average volume of 2,367,275. The company's 50 day moving average price is $2.03 and its 200-day moving average price is $1.96. The firm has a market cap of $5.49 billion, a PE ratio of 4.57 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96. CEMIG has a 52 week low of $1.62 and a 52 week high of $2.19.

CEMIG (NYSE:CIG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The utilities provider reported $0.07 EPS for the quarter. CEMIG had a return on equity of 21.49% and a net margin of 15.70%. The company had revenue of $1.81 billion for the quarter. On average, equities analysts expect that CEMIG will post 0.36 EPS for the current fiscal year.

CEMIG Increases Dividend

The firm also recently declared a dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a $0.0908 dividend. The ex-dividend date of this dividend was Monday, August 26th. This is a boost from CEMIG's previous dividend of $0.03. CEMIG's payout ratio is currently 40.48%.

CEMIG Company Profile

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.