Frontier Communications (FTR) Shares Up 0.1%
Frontier Communications Corporation (NASDAQ:FTR)’s share price shot up 0.1% during trading on Thursday . The company traded as high as $8.49 and last traded at $8.42. 2,798,394 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 2,862,082 shares. The stock had previously closed at $8.41.
A number of brokerages have commented on FTR. Royal Bank Of Canada restated a “sector perform” rating and issued a $8.00 target price (down from $16.00) on shares of Frontier Communications in a research note on Monday, November 20th. Bank of America downgraded Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 target price for the company. in a research note on Friday, November 10th. Gabelli downgraded Frontier Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. BidaskClub upgraded Frontier Communications from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. Finally, Wells Fargo & Company restated a “market perform” rating and issued a $9.00 target price (down from $14.50) on shares of Frontier Communications in a research note on Thursday, November 2nd. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $9.46.
The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70.
Frontier Communications (NASDAQ:FTR) last released its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.01. The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.25 billion. Frontier Communications had a negative return on equity of 1.97% and a negative net margin of 9.17%. The firm’s revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.64) earnings per share. sell-side analysts anticipate that Frontier Communications Corporation will post -4.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a yield of 28.07%. Frontier Communications’s dividend payout ratio (DPR) is -17.38%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fiera Capital Corp acquired a new stake in Frontier Communications in the second quarter worth approximately $905,000. Raymond James Financial Services Advisors Inc. lifted its position in Frontier Communications by 53.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 381,695 shares of the utilities provider’s stock worth $443,000 after purchasing an additional 132,156 shares during the period. Vanguard Group Inc. lifted its position in Frontier Communications by 9.9% in the second quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after purchasing an additional 10,474,703 shares during the period. Northern Trust Corp lifted its position in Frontier Communications by 43.8% in the second quarter. Northern Trust Corp now owns 17,209,093 shares of the utilities provider’s stock worth $19,963,000 after purchasing an additional 5,238,840 shares during the period. Finally, State Street Corp lifted its position in Frontier Communications by 14.9% in the second quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock worth $57,507,000 after purchasing an additional 6,445,036 shares during the period. Hedge funds and other institutional investors own 68.48% of the company’s stock.
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About Frontier Communications
Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).
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