Snam (OTCMKTS:SNMRF) Shares Down 2% – Here’s What Happened

Snam S.p.A. (OTCMKTS:SNMRF)’s share price was down 2% during trading on Wednesday . The company traded as low as $6.49 and last traded at $6.49. Approximately 3,500 shares changed hands during mid-day trading, an increase of 89% from the average daily volume of 1,850 shares. The stock had previously closed at $6.62.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SNMRF. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Snam in a report on Monday, November 24th. Citigroup reaffirmed a “sell” rating on shares of Snam in a research note on Wednesday, December 3rd. Finally, Sanford C. Bernstein downgraded shares of Snam to a “market perform” rating in a research report on Wednesday, December 10th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Snam currently has a consensus rating of “Reduce”.

Snam Stock Down 2.0%

The company’s fifty day moving average price is $6.72 and its 200 day moving average price is $6.25.

Snam Company Profile

Snam S.p.A., traded over the OTC under the ticker SNMRF, is a leading European energy infrastructure company headquartered in Milan, Italy. Its core business centers on the transportation, storage and regasification of natural gas through an extensive network of high-pressure pipelines. As one of the largest gas grid operators in Europe, Snam plays a critical role in ensuring security of supply and reliable delivery of energy to industrial, commercial and residential consumers across its service regions.

The company’s primary portfolio includes the operation of an integrated network of transmission pipelines, strategic underground storage facilities and liquefied natural gas (LNG) terminals.