Companhia Paranaense de Energia - Copel (NYSE:ELPC) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Copel from “hold” to “strong buy.” The stock has an overall “Buy” consensus rating and an average price target of $10.40.
• Copel’s latest quarterly results exceeded expectations, with earnings of $0.16 per share versus the $0.14 consensus and revenue of $1.18 billion compared with estimates of $1.17 billion.
• ELPC opened at $10.78, with a market capitalization of approximately $8.02 billion and a one-year trading range of $8.86 to $14.51. Several institutional investors increased their holdings, although a company director sold 50,000 shares.

Companhia Paranaense de Energia - Copel (NYSE:ELPC - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

A number of other research analysts have also commented on the stock. Wall Street Zen lowered shares of Companhia Paranaense de Energia - Copel from a "buy" rating to a "hold" rating in a research note on Sunday, September 13th. Weiss Ratings restated a "hold (c)" rating on shares of Companhia Paranaense de Energia - Copel in a research report on Thursday, October 15th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Companhia Paranaense de Energia - Copel presently has an average rating of "Buy" and an average price target of $10.40.

Companhia Paranaense de Energia - Copel Price Performance

ELPC stock opened at $10.78 on Wednesday. The company has a fifty day moving average price of $12.56 and a two-hundred day moving average price of $11.77. Companhia Paranaense de Energia - Copel has a one year low of $8.86 and a one year high of $14.51. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 20.30, a price-to-earnings-growth ratio of 1.32 and a beta of -0.11.

Companhia Paranaense de Energia - Copel (NYSE:ELPC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.14 by $0.02. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. Research analysts anticipate that Companhia Paranaense de Energia - Copel will post 0.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Pedro Sales sold 50,000 shares of Companhia Paranaense de Energia - Copel stock in a transaction on Monday, October 19th. The stock was sold at an average price of $3.48, for a total transaction of $174,000.00. Following the completion of the sale, the director owned 24,844 shares of the company's stock, valued at approximately $86,457.12. This trade represents a 66.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Companhia Paranaense de Energia - Copel

Institutional investors and hedge funds have recently modified their holdings of the business. Syon Capital LLC grew its position in shares of Companhia Paranaense de Energia - Copel by 6.0% during the 2nd quarter. Syon Capital LLC now owns 21,549 shares of the company's stock worth $251,000 after purchasing an additional 1,227 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Companhia Paranaense de Energia - Copel by 23.0% in the first quarter. EverSource Wealth Advisors LLC now owns 7,373 shares of the company's stock valued at $88,000 after buying an additional 1,379 shares in the last quarter. QRG Capital Management Inc. raised its position in shares of Companhia Paranaense de Energia - Copel by 13.6% in the second quarter. QRG Capital Management Inc. now owns 14,961 shares of the company's stock valued at $174,000 after buying an additional 1,786 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Companhia Paranaense de Energia - Copel by 22.3% in the second quarter. GAMMA Investing LLC now owns 14,186 shares of the company's stock valued at $165,000 after buying an additional 2,586 shares in the last quarter. Finally, Sei Investments Co. grew its position in Companhia Paranaense de Energia - Copel by 8.8% during the first quarter. Sei Investments Co. now owns 71,314 shares of the company's stock worth $852,000 after buying an additional 5,787 shares in the last quarter.

About Companhia Paranaense de Energia - Copel

Companhia Paranaense de Energia, known as Copel, is a Brazilian energy and telecommunications company headquartered in the state of Paraná. Founded in 1954, the company operates primarily in Brazil and has historically played a central role in the development of Paraná's electricity infrastructure.

Copel's principal activities include the generation, transmission and distribution of electricity. Its generation portfolio includes hydroelectric and wind power assets, while its transmission and distribution businesses deliver electricity to customers across Paraná.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.