Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) shares shot up 4.1% during mid-day trading on Thursday . The company traded as high as $2.80 and last traded at $2.78, with a volume of 1,344,529 shares changing hands. The stock had previously closed at $2.67.

Separately, Zacks Investment Research upgraded shares of Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating and set a $3.25 target price on the stock in a research note on Monday, August 1st.

The company has a market capitalization of $3.47 billion and a PE ratio of 16.53. The firm’s 50 day moving average price is $2.77 and its 200 day moving average price is $2.09.

Companhia Energetica de Minas Gerais CEMIG is a Brazil-based holding company mainly engaged in the generation, transmission and distribution of electricity. The Company operates through the segments: Generation, Transmission, Distribution, Telecom, Gas and Other. The Company generates electricity at approximately 78 hydroelectric plants, three thermoelectric plants and 23 wind farms.

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