Companhia Energetica de Minas Gerais S.A. (NYSE:CIG) shares shot up 2.8% during mid-day trading on Friday . The company traded as high as $2.91 and last traded at $2.90, with a volume of 3,553,767 shares changing hands. The stock had previously closed at $2.82.

Separately, Zacks Investment Research upgraded Companhia Energetica de Minas Gerais from a “sell” rating to a “hold” rating in a research report on Monday, July 25th.

The stock has a 50-day moving average price of $2.68 and a 200 day moving average price of $2.01. The firm has a market capitalization of $3.64 billion and a P/E ratio of 16.80.

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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