Telenor ASA (OTCMKTS:TELNY) Shares Gap Down on Disappointing Earnings

Telenor ASA (OTCMKTS:TELNY)’s stock price gapped down before the market opened on Friday following a weaker than expected earnings announcement. 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 trading hands.

The utilities provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). Telenor ASA had a return on equity of 15.75% and a net margin of 17.19%.The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.91 billion.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TELNY. Barclays lowered Telenor ASA from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, June 23rd. Pareto Securities raised shares of Telenor ASA from a “hold” rating to a “strong-buy” rating in a research report on Friday. Zacks Research downgraded Telenor ASA from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 7th. Finally, Citigroup downgraded shares of Telenor ASA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Telenor ASA has a consensus rating of “Hold”.

Telenor ASA Price Performance

The stock has a 50 day simple moving average of $15.63 and a two-hundred day simple moving average of $16.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.69 and a current ratio of 0.71. The firm has a market cap of $18.81 billion, a PE ratio of 14.03 and a beta of 0.31.

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.