Companhia Energetica Minas Gerais (ADR) (NYSE:CIG) shares sustain


Dallas, Texas 09/25/2013 (Financialstrend) – Companhia Energetica Minas Gerais (ADR) (NYSE:CIG) shares were up 1.86% from its previous day close of $8.61 to end at $8.77 per share as of close of business on September 24. The share is trading 24% below its prior 52 week high price of $11.59 it had reached during May’13 and it up 16% from its 52 week low price it had recorded in August’13. Over 4.2 million shares of CIG were traded on September 24 compared to average daily trading volume of 2.53 million. The stock out performed Dow Jones which was trailing behind at 0.43% and the Utilities vertical which had dipped by 0.08% during September 24 trading.

The stock has managed to break the shackles and post a close to 5.5% increase in share value for the week and the month. To put the price appreciation in context, one needs to look at the 200 day moving average of the stock. At current valuations, the share price is trailing by 7.34% from its 200 day benchmark.

The company operates in the energy sector in Brazil with a market capitalization of $7.5 billion with 856 million shares outstanding. It has recorded $ 2 billion in revenue from $7.99 billion sales in the trailing twelve months. The company has paid out $0.13 dividend per share to its share holders translating to a 1.48% dividend yield for the year. It has over 8300 employees on its payroll. It’s earnings per share for the year is $2.08 per diluted shares and is up 77% for the year. The company last paid out a dividend of $0.18 per share to its share holders in May’13.

It has managed to show a growth of 15% in sales in the 1Q13 in comparison to same quarter previous year. Its Earnings per share was also correspondingly up 32% in 1Q compared to 1Q12.