Frontier Communications Corp. (FTR) Stock Rating Reaffirmed by Wells Fargo & Co.
Wells Fargo & Co. restated their outperform rating on shares of Frontier Communications Corp. (NASDAQ:FTR) in a research note issued to investors on Monday morning. They currently have a $8.75 target price on the stock.
Several other research analysts also recently issued reports on the stock. Citigroup Inc. lowered their price target on shares of Frontier Communications Corp. from $4.00 to $3.50 and set a sell rating for the company in a report on Friday, September 16th. Macquarie upgraded shares of Frontier Communications Corp. from an underperform rating to a neutral rating in a report on Tuesday, September 6th. Raymond James Financial Inc. decreased their price objective on Frontier Communications Corp. from $6.00 to $5.50 and set an outperform rating for the company in a report on Tuesday, August 2nd. Jefferies Group restated a buy rating and issued a $6.00 price objective on shares of Frontier Communications Corp. in a report on Tuesday, August 2nd. Finally, Zacks Investment Research downgraded Frontier Communications Corp. from a buy rating to a hold rating in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of Buy and an average target price of $5.95.
Frontier Communications Corp. (NASDAQ:FTR) opened at 4.33 on Monday. Frontier Communications Corp. has a 12-month low of $3.81 and a 12-month high of $5.85. The company’s market capitalization is $5.08 billion. The firm’s 50-day moving average price is $4.63 and its 200 day moving average price is $5.07.
Frontier Communications Corp. (NASDAQ:FTR) last announced its quarterly earnings results on Monday, August 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.04. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.75 billion. Frontier Communications Corp. had a positive return on equity of 2.52% and a negative net margin of 4.85%. The firm’s quarterly revenue was up 90.6% on a year-over-year basis. During the same quarter last year, the company posted $0.03 earnings per share. On average, analysts expect that Frontier Communications Corp. will post ($0.09) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.105 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.42 annualized dividend and a dividend yield of 9.70%. Frontier Communications Corp.’s dividend payout ratio is currently -85.71%.
Several institutional investors have recently bought and sold shares of FTR. Bayesian Capital Management LP purchased a new position in Frontier Communications Corp. during the first quarter valued at approximately $117,000. Murphy Capital Management Inc. purchased a new position in Frontier Communications Corp. during the second quarter valued at approximately $106,000. NEXT Financial Group Inc boosted its position in Frontier Communications Corp. by 23.2% in the second quarter. NEXT Financial Group Inc now owns 22,450 shares of the company’s stock valued at $110,000 after buying an additional 4,233 shares in the last quarter. Bank of Nova Scotia boosted its position in Frontier Communications Corp. by 6.2% in the second quarter. Bank of Nova Scotia now owns 23,138 shares of the company’s stock valued at $114,000 after buying an additional 1,360 shares in the last quarter. Finally, Private Bank & Trust Co. purchased a new position in Frontier Communications Corp. during the second quarter valued at approximately $116,000. 65.96% of the stock is currently owned by hedge funds and other institutional investors.
Frontier Communications Corp. Company Profile
Frontier Communications Corporation (Frontier) offers a range of voice, data, and video services and products. The Company offers a portfolio of communications services for residential and business customers in each of its markets. The Company’s product portfolio includes Internet access, broadband-enabled services, video services and voice services.
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