Companhia Energetica de Minas Gerais
also known as CEMIG
, recently announced that it will be paying interest on equity
and dividend for the year 2012 on Jun 27. The decision for the
disbursements was made at the company's directors' meet in Dec
2012 and the Ordinary and Extraordinary General Meetings of
Stockholders held on Apr 30, 2013.
CEMIG has allocated approximately R$164 million for the
payment of interest on equity. This equates to R$ 0.192340491 per
share and will be paid to stockholders of record as on Dec 21,
2012 as well as to ADR holders of record as on Dec 31, 2012 .
This will be the balance payment of the first instalment for
2012. In Mar 2013, interest on equity amounting to R$686 million
was paid by the company.
Regarding dividends, CEMIG will disburse roughly R$609.1 million
(or R$ 0.714302738 per share) to shareholders of record as on Apr
30, 2013 and ADR holders of record as on May 6, 2013.
In conjunction with the dividend payment, proceeds from the sale
of fractional quantities of shares arising from stock dividend
will also be paid. These fractional shares were merged and sold
on May 22.
If we look into CEMIG's first-quarter 2013 financial results, we
find that the company paid approximately R$1.9 billion as
interest on equity and dividends.
CEMIG is one of the largest integrated electric utilities in
Brazil with approximately 97% of the company's installed
generation capacity being hydroelectric power. The Zacks
Consensus Estimate for 2013 and 2014 is pegged at $1.41 per ADR
and $1.33 per ADR, respectively. These represent a year-over-year
decline of 42.5% for 2013 and 5.5% for 2014.
CEMIG currently has a Zacks Rank #5 (Strong Sell). Other stocks
in the industry that are worth considering are
Companhia Paranaense de Energia
CPFL Energia S.A.
). While Companhia and CPFL carry a Zacks Rank #1 (Strong Buy),
ALLETE carries a Zacks Rank #2 (Buy).
ALLETE INC (ALE): Free Stock Analysis Report
CEMIG SA -ADR (CIG): Free Stock Analysis
CPFL ENERGI-ADR (CPL): Get Free Report
COPEL-ADR PR B (ELP): Free Stock Analysis
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