Companhia Paranaense de Energia - Copel (NYSE:ELPC) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Wall Street Zen upgraded Copel from “hold” to “buy,” while Weiss Ratings maintained a “hold (c)” rating. The stock has an overall “Moderate Buy” consensus rating and a $10.40 price target.
• Copel reported quarterly earnings of $0.16 per share, exceeding the $0.14 analyst estimate, while revenue of $1.18 billion slightly surpassed the $1.17 billion consensus.
• ELPC opened at $12.28, with a market capitalization of approximately $9.14 billion and a one-year trading range of $8.25 to $13.70. Institutional investors, including Letko Brosseau and Goldman Sachs, significantly increased their holdings.

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

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Companhia Paranaense de Energia - Copel in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Companhia Paranaense de Energia - Copel presently has an average rating of "Moderate Buy" and a consensus price target of $10.40.

Companhia Paranaense de Energia - Copel Price Performance

Companhia Paranaense de Energia - Copel stock opened at $12.28 on Friday. The company has a market capitalization of $9.14 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 1.50 and a beta of -0.08. Companhia Paranaense de Energia - Copel has a one year low of $8.25 and a one year high of $13.70. The business has a 50 day simple moving average of $11.48 and a 200 day simple moving average of $11.74.

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

Insider Activity at Companhia Paranaense de Energia - Copel

In related news, Director Abreu Marco Antonio Villela De sold 32,490 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $2.94, for a total transaction of $95,520.60. Following the sale, the director directly owned 63,546 shares in the company, valued at $186,825.24. This represents a 33.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Hedge Funds Weigh In On Companhia Paranaense de Energia - Copel

Institutional investors have recently bought and sold shares of the business. Letko Brosseau & Associates Inc. grew its holdings in shares of Companhia Paranaense de Energia - Copel by 10,965.8% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 7,276,402 shares of the company's stock worth $69,199,000 after purchasing an additional 7,210,646 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Companhia Paranaense de Energia - Copel by 575.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,078,808 shares of the company's stock valued at $10,259,000 after buying an additional 919,086 shares during the last quarter. SPX Gestao de Recursos Ltda raised its holdings in shares of Companhia Paranaense de Energia - Copel by 1,194.4% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 918,127 shares of the company's stock valued at $8,731,000 after buying an additional 847,198 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in Companhia Paranaense de Energia - Copel during the 4th quarter worth about $3,935,000. Finally, Quantinno Capital Management LP lifted its position in Companhia Paranaense de Energia - Copel by 27.1% during the 1st quarter. Quantinno Capital Management LP now owns 394,375 shares of the company's stock worth $4,709,000 after buying an additional 84,121 shares in the last quarter.

About Companhia Paranaense de Energia - Copel

Companhia Paranaense de Energia – Copel is a Brazilian utility company primarily engaged in the generation, transmission and distribution of electricity. Established in 1954, Copel operates a diversified portfolio of power plants, with a strong emphasis on hydroelectric facilities supplemented by thermal and renewable energy sources. The company's integrated network spans the entirety of Paraná state, delivering electricity services to residential, commercial and industrial customers through a combination of high-voltage transmission lines and local distribution networks.

In addition to its core power business, Copel has expanded into telecommunications through its Copel Telecom subsidiary.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source