Telenor ASA (OTCMKTS:TELNY) Reaches New 52-Week Low on Disappointing Earnings

Shares of Telenor ASA (OTCMKTS:TELNY) hit a new 52-week low during mid-day trading on Thursday following a dissappointing 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 $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. Telenor ASA had a return on equity of 16.31% and a net margin of 18.28%.The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.94 billion.

Wall Street Analysts Forecast Growth

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

Telenor ASA Stock Performance

The business’s 50-day simple moving average is $15.68 and its two-hundred day simple moving average is $16.45. The company has a quick ratio of 0.69, a current ratio of 0.71 and a debt-to-equity ratio of 0.98. The firm has a market cap of $18.20 billion, a price-to-earnings ratio of 12.79 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.