Companhia Energetica de Minas Gerais (CIG - Free Report) , also known as CEMIG, recently announced the dates for the payment of the second installment of dividend for the year 2012.
The total disbursement, amounting to R$609.1 million, will be made in two tranches and will be completed by Dec 2013. Firstly, Cemig will pay roughly R$250 million (or R$0.293201967) to shareholders on Jul 18 while the remaining amount of R$359.1 million will be distributed by the year end 2013.
For shares, holders of record as on Apr 30, 2013 will be considered eligible for dividend distribution while for ADRs, holders of record as on May 6 will be entitled.
The above distribution was approved at Cemig’s Ordinary and Extraordinary General Meetings of Stockholders held on Apr 30, 2013. The first instalment of the dividend, roughly R$609.1 million, for 2012 was paid on Jun 27, 2013. Additionally, the company also paid interest on equity of R$164 million or R$0.192340491 per share.
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.
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 $1.45 per ADR and $1.33 per ADR, respectively. These represent a year-over-year decline of 40.8% for 2013 and 8.1% for 2014.
CEMIG currently has a Zacks Rank #4 (Sell). Other stocks in the industry that are worth considering are Companhia Paranaense de Energia (ELP - Free Report) , Black Hills Corporation (BKH - Free Report) and Integrys Energy Group, Inc. , each carrying a Zacks Rank #1 (Strong Buy).