Companhia Paranaense de Energia (ADR) (ELP) was Downgraded by Citigroup to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Citigroup advised their investors in a research report released on Aug 5, 2016.
Companhia Paranaense de Energia (ADR) opened for trading at $9.79 and hit $10.12 on the upside on Thursday, eventually ending the session at $10.07, with a gain of 3.28% or 0.32 points. The heightened volatility saw the trading volume jump to 4,26,406 shares. Company has a market cap of $2,756 M.
Companhia Paranaense de Energia – Copel is engaged in the generation transmission distribution and sale of electricity in the Brazilian State of Parana. The Company also provides telecommunications and other services. Its operating segments are Power generation and transmission (GeT) Power distribution and sales (DIS) Telecommunications (TEL) Gas (GAS) and Holding Company (HOL). It generates electricity from around 18 hydroelectric plants one wind plant and one thermoelectric plant for a total installed capacity of 4754.4 megawatts. It holds concessions to distribute electricity in 394 of the 399 municipalities in the State of Parana and in the municipality of Porto Uniao in the State of Santa Catarina. It owns and operates approximately 2174 kilometers of transmission lines and 189925.4 kilometers of distribution lines. Its generation business sells energy to its distribution business through auctions in the regulated market.