Companhia Paranaense de Energia (COPEL) (NYSE:ELP) Stock Passes Above 200 Day Moving Average - What's Next?

Key Points

• COPEL's stock price has crossed above its 200-day moving average, reaching a trading high of $9.35, indicating potential bullish momentum.
• The company reported earnings of $0.02 per share for the last quarter, missing expectations significantly, alongside a revenue of $1.14 billion compared to forecasts of $4.72 billion.
• Institutional investors have increased their stakes in COPEL, with Bank of America Corp increasing its holdings by 97.7% during the second quarter, reflecting confidence in the stock among large investors.

Companhia Paranaense de Energia (COPEL) (NYSE:ELP - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $8.33 and traded as high as $9.35. Companhia Paranaense de Energia (COPEL) shares last traded at $9.31, with a volume of 145,519 shares.

Companhia Paranaense de Energia (COPEL) Stock Performance

The company has a quick ratio of 1.12, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average price of $8.89 and a 200-day moving average price of $8.40. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 56.98 and a beta of 0.83.

Companhia Paranaense de Energia (COPEL) (NYSE:ELP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.09). The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $4.72 billion. Companhia Paranaense de Energia (COPEL) had a return on equity of 11.15% and a net margin of 12.77%. As a group, equities research analysts forecast that Companhia Paranaense de Energia will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Companhia Paranaense de Energia (COPEL)

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in Companhia Paranaense de Energia (COPEL) by 185.1% during the second quarter. BNP Paribas Financial Markets now owns 25,876 shares of the utilities provider's stock worth $236,000 after purchasing an additional 16,800 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in Companhia Paranaense de Energia (COPEL) during the second quarter worth approximately $768,000. Bank of America Corp DE raised its holdings in Companhia Paranaense de Energia (COPEL) by 97.7% during the second quarter. Bank of America Corp DE now owns 544,714 shares of the utilities provider's stock worth $4,973,000 after purchasing an additional 269,120 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Companhia Paranaense de Energia (COPEL) by 91.2% during the second quarter. Raymond James Financial Inc. now owns 108,577 shares of the utilities provider's stock worth $991,000 after purchasing an additional 51,797 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in Companhia Paranaense de Energia (COPEL) by 53.7% during the second quarter. Quantinno Capital Management LP now owns 118,059 shares of the utilities provider's stock worth $1,078,000 after purchasing an additional 41,240 shares in the last quarter. Institutional investors own 3.80% of the company's stock.

About Companhia Paranaense de Energia (COPEL)

Companhia Paranaense de Energia - COPEL engages in the generation, transformation, distribution, and sale of electricity to industrial, residential, commercial, rural, and other customers in Brazil. The company operates through Power Generation and Transmission, Power Distribution, Power Sale, and Gas segments.