TELUS (NYSE:TU) Shares Cross Above 50-Day Moving Average - Here's Why

Key Points

• TELUS shares rose 2.2% and crossed above their 50-day moving average, reaching $8.90 before closing at $8.86 on volume of approximately 6.3 million shares.
• Analyst sentiment is largely negative: the stock has a consensus rating of “Reduce”, with three Buy, nine Hold and five Sell ratings, despite a consensus price target of $15.
• TELUS missed quarterly expectations, reporting EPS of $0.12 versus the $0.16 estimate and revenue of $3.47 billion versus the $3.55 billion forecast. Institutional investors own 49.4% of the company, while several funds recently increased their positions.

TELUS Corporation (NYSE:TU - Get Free Report) TSE: T shares passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $8.79 and traded as high as $8.90. TELUS shares last traded at $8.86, with a volume of 6,293,077 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. TD Securities reiterated a "buy" rating on shares of TELUS in a research report on Monday, August 3rd. Morgan Stanley cut TELUS to an "underweight" rating in a report on Tuesday, July 21st. Wall Street Zen downgraded TELUS from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. National Bank Financial downgraded TELUS from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, August 4th. Finally, Bank of America lowered TELUS from a "buy" rating to an "underperform" rating in a report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $15.00.

TELUS Stock Up 2.2%

The company has a debt-to-equity ratio of 1.88, a current ratio of 0.67 and a quick ratio of 0.62. The firm's 50-day simple moving average is $8.79 and its two-hundred day simple moving average is $11.34. The company has a market capitalization of $14.08 billion, a price-to-earnings ratio of -21.61, a price-to-earnings-growth ratio of 20.43 and a beta of 0.65.

TELUS (NYSE:TU - Get Free Report) TSE: T last announced its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). The firm had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.55 billion. TELUS had a positive return on equity of 8.01% and a negative net margin of 4.51%. Sell-side analysts predict that TELUS Corporation will post 0.24 EPS for the current fiscal year.

Institutional Trading of TELUS

A number of institutional investors have recently bought and sold shares of TU. Heathbridge Capital Management Ltd. lifted its holdings in shares of TELUS by 69.9% in the third quarter. Heathbridge Capital Management Ltd. now owns 2,491,200 shares of the Wireless communications provider's stock valued at $20,915,000 after purchasing an additional 1,025,100 shares in the last quarter. Vise Technologies Inc. purchased a new position in shares of TELUS during the 3rd quarter worth approximately $168,000. Cidel Asset Management Inc. increased its stake in shares of TELUS by 11.9% during the 3rd quarter. Cidel Asset Management Inc. now owns 18,063 shares of the Wireless communications provider's stock worth $152,000 after purchasing an additional 1,920 shares in the last quarter. Intrua Financial LLC raised its position in shares of TELUS by 26.8% during the 3rd quarter. Intrua Financial LLC now owns 31,548 shares of the Wireless communications provider's stock worth $265,000 after purchasing an additional 6,665 shares during the last quarter. Finally, Lorne Steinberg Wealth Management Inc. raised its position in shares of TELUS by 0.5% during the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 396,106 shares of the Wireless communications provider's stock worth $3,326,000 after purchasing an additional 2,155 shares during the last quarter. 49.40% of the stock is currently owned by hedge funds and other institutional investors.

About TELUS

TELUS Corporation is a Canadian communications and technology company headquartered in Vancouver, British Columbia. It provides telecommunications and digital services to consumers, businesses and public-sector organizations, primarily in Canada.

Its core offerings include wireless voice and data services, high-speed internet, television, home security and fixed-line voice services. TELUS also provides business connectivity, cloud, cybersecurity, information technology and communications solutions.

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