EDP – Energias de Portugal (OTCMKTS:ELCPF) Shares Down 6.8% – Here’s What Happened

EDP – Energias de Portugal, S.A. (OTCMKTS:ELCPF) was down 6.8% during trading on Wednesday . The company traded as low as $4.8775 and last traded at $4.8775. 4,541 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 30,495 shares. The stock had previously closed at $5.2325.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ELCPF. The Goldman Sachs Group raised EDP – Energias de Portugal to a “neutral” rating in a research note on Thursday, June 11th. Citigroup assumed coverage on shares of EDP – Energias de Portugal in a research report on Thursday, May 28th. They issued a “buy” rating for the company. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

EDP – Energias de Portugal Stock Up 1.4%

The company has a fifty day simple moving average of $5.00 and a two-hundred day simple moving average of $4.91.

About EDP – Energias de Portugal

EDP – Energias de Portugal (OTCMKTS: ELCPF) is a leading European energy company headquartered in Lisbon, Portugal. The firm is engaged in the generation, distribution and supply of electricity and natural gas, operating both conventional power plants and an extensive portfolio of renewable assets. Through its renewables arm, EDP Renováveis, the company develops, constructs and manages wind, solar and hydroelectric projects across multiple continents.

Founded in 1976 following the consolidation of several state-owned utilities, EDP underwent a phased privatization beginning in 1997 and has since expanded its footprint beyond the Iberian Peninsula.