9 Most Profitable Penny Stocks to Buy Right Now

6. Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG)

Price Per Share: $2.11

TTM Net Income: $1.31 Billion

Number of Hedge Fund Holders: 12

Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) is one of the most profitable penny stocks to buy right now. On September 10, Reuters reported that Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) plans to invest in clean energy projects.

Cemig’s CEO, Reynaldo Passanezi Filho, told Reuters that the company plans to use its experience in hydropower to invest in clean energy technologies. Cemig is working on approximately a $7.4 billion (40 billion BRL) investment plan from 2025 through 2029. The goal is to focus on power distribution while gradually moving from network expansion to digitalization to enhance the consumer experience.

Cemig’s distribution business planning is already in progress, and the company is now focusing on sector innovations, especially energy storage technologies. The company will use its enormous accumulated knowledge in hydroelectric power to expand projects such as pumped storage plants and take part in power capacity auctions. The company is testing batteries connected to its distributed solar generation plants and is also pursuing a stake in non-strategic assets, including Taesa, gas distributor Gasmig, and the Belo Monte hydroelectric plant.

Since the announcement of the investment plan, CIG shares have soared by almost 2.68% as of September 16.

Companhia Energética de Minas Gerais – CEMIG (NYSE:CIG) is a Brazil-state-controlled electric utility firm that operates through its subsidiaries. The company is engaged in the generation, transmission, distribution, and sale of energy in Brazil.