Telenor ASA (OTCMKTS:TELNY) Shares Gap Down – Here’s Why

Telenor ASA (OTCMKTS:TELNY)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $14.96, but opened at $13.99. Telenor ASA shares last traded at $13.95, with a volume of 3,010 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TELNY. Pareto Securities cut Telenor ASA from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 10th. Barclays lowered Telenor ASA from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, June 23rd. Citigroup cut Telenor ASA from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded Telenor ASA from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 7th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce”.

Telenor ASA Trading Up 4.8%

The company’s 50 day simple moving average is $15.68 and its 200 day simple moving average is $16.45. The firm has a market cap of $19.07 billion, a price-to-earnings ratio of 13.40 and a beta of 0.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.71 and a quick ratio of 0.69.

Telenor ASA (OTCMKTS:TELNY) last announced its quarterly earnings data on Tuesday, April 28th. The utilities provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Telenor ASA had a return on equity of 16.31% and a net margin of 18.28%. As a group, research analysts expect that Telenor ASA will post 0.93 earnings per share for the current fiscal year.

Telenor ASA Company Profile

Telenor ASA is a Norway-based multinational telecommunications company that provides a broad range of communications and digital services to consumers and businesses. Its core offerings include mobile voice and data services, fixed broadband, television distribution, and related value-added digital services. The company also provides enterprise solutions such as business connectivity, cloud and hosting services, Internet of Things (IoT) connectivity, and wholesale telecommunications services.

In its consumer-facing business, Telenor operates mobile networks, broadband access and content services, and increasingly bundles digital and financial services to enhance customer engagement.