Comp En De Mn Cemig ADS (NYSE: CIG) has declared a special dividend of $0.03 per share, set to benefit investors who are on record by December 29, 2023. The payment is scheduled for January 7, 2024, according to the company’s announcement on December 18, 2023. The ex-dividend date is also noted as December 29.
Over the past three years, Comp En De Mn Cemig has increased its dividend by an average of 0.3% annually. The company maintains a dividend payout ratio of 68.2%, indicating its dividend is well-supported by earnings. Analysts project that the company will earn $0.23 per share in the upcoming year, suggesting a future payout ratio of 65.2%, which would continue to comfortably cover the annual dividend of $0.15.
Stock Performance and Market Position
On the trading floor, shares of Comp En De Mn Cemig dropped by $0.01 to reach $1.98 during midday trading on Friday. The stock saw a trading volume of 3,971,084 shares, significantly higher than its average volume of 2,873,372. With a market capitalization of $5.65 billion, the company reports a price-to-earnings (P/E) ratio of 9.88 and a beta of 0.95.
The company’s stock performance is further reflected in its moving averages, with a 50-day simple moving average of $2.07 and a 200-day simple moving average of $1.99. Financial ratios also indicate stability, as Comp En De Mn Cemig holds a current ratio and quick ratio of 1.00, alongside a debt-to-equity ratio of 0.45. Over the past year, the stock has experienced a low of $1.59 and a high of $2.30.
About Comp En De Mn Cemig
Companhia Energética de Minas Gerais SA, commonly known as Cemig, is a prominent Brazilian energy company based in Belo Horizonte. The firm is primarily engaged in the generation, transmission, distribution, and commercialization of electric power. As a vertically integrated utility, Cemig serves a diverse customer base that includes residential, commercial, and industrial sectors within its concession areas.
Besides its core electricity business, Cemig has interests in natural gas distribution and various energy-related ventures, including renewable energy sources and infrastructure projects. In its generation segment, the company operates a diversified portfolio that features hydroelectric, photovoltaic, and wind power plants.
As the company prepares to distribute this special dividend, investors are closely monitoring its performance and future outlook, particularly in light of anticipated earnings growth. This announcement underscores Cemig’s commitment to providing returns to its shareholders while maintaining financial health.
