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

Telenor ASA (OTCMKTS:TELNY)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $17.92, but opened at $17.19. Telenor ASA shares last traded at $17.06, with a volume of 2,162 shares.

Analysts Set New Price Targets

TELNY has been the topic of several research analyst reports. Citigroup downgraded 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 note on Friday, April 10th. Finally, Zacks Research downgraded Telenor ASA from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 28th. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Telenor ASA Price Performance

The company has a 50 day simple moving average of $17.28 and a 200-day simple moving average of $16.16. The stock has a market cap of $23.37 billion, a price-to-earnings ratio of 16.42 and a beta of 0.28. The company has a current ratio of 0.71, a quick ratio of 0.69 and a debt-to-equity ratio of 0.98.

Telenor ASA (OTCMKTS:TELNY) last released its quarterly earnings results 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. Telenor ASA had a return on equity of 16.31% and a net margin of 18.28%.The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.94 billion. Research analysts expect that Telenor ASA will post 2.09 EPS for the current year.

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.