Telenor ASA (OTCMKTS:TELNY) Sets New 52-Week Low Following Weak Earnings

Telenor ASA (OTCMKTS:TELNY) shares reached a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $12.97 and last traded at $12.97, with a volume of 2281 shares traded. The stock had previously closed at $14.96.

The utilities provider reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.02). Telenor ASA had a net margin of 18.28% and a return on equity of 16.31%.

Wall Street Analysts Forecast Growth

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

Telenor ASA Trading Down 11.8%

The business’s fifty day simple moving average is $15.75 and its 200 day simple moving average is $16.45. The stock has a market cap of $18.06 billion, a P/E ratio of 12.69 and a beta of 0.31. The company has a current ratio of 0.71, a quick ratio of 0.69 and a debt-to-equity ratio of 0.98.

About Telenor ASA

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.