Zacks Investment Research upgraded shares of Frontier Communications Corporation (NASDAQ:FTR) from a sell rating to a hold rating in a research report released on Tuesday, October 24th.
According to Zacks, “Over the past three months, share price of Frontier Communications declined 21% as against the industry’s loss of a mere 1.2%. Moreover, the company continues to suffer from the loss of legacy fixed telephony business to wireless and decline in access lines and wireless backhaul revenues due to customer migration to Ethernet solutions at lower price points. Reports about outages, bad telephone service and problems with billing raises concern. Despite such headwinds, we are impressed with Frontier Communications' focus to rake in more profits through customer retention, market share gain, new product introductions, broadband expansion and improved sales and marketing initiatives. The company is working on its growing Business Service Segment. Meanwhile, foraying into North Carolina through the rollout of ‘Vantage TV’ IPTV and broadband services also bode well.”
Several other research firms also recently issued reports on FTR. Cowen and Company reaffirmed a hold rating and issued a $14.00 price objective on shares of Frontier Communications Corporation in a research note on Thursday, October 19th. BidaskClub downgraded Frontier Communications Corporation from a sell rating to a strong sell rating in a research note on Wednesday, October 18th. Deutsche Bank AG decreased their target price on shares of Frontier Communications Corporation from $17.00 to $15.00 and set a hold rating for the company in a research report on Tuesday, October 10th. Royal Bank Of Canada reissued a hold rating and set a $16.00 target price on shares of Frontier Communications Corporation in a research report on Sunday, September 17th. Finally, ValuEngine cut Frontier Communications Corporation from a sell rating to a strong sell rating in a report on Friday, September 1st. Five equities 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. Frontier Communications Corporation presently has an average rating of Hold and a consensus target price of $9.93.
Frontier Communications Corporation (NASDAQ:FTR) opened at $6.77 on Tuesday. The company has a debt-to-equity ratio of 5.16, a current ratio of 0.70 and a quick ratio of 0.70. Frontier Communications Corporation has a 52-week low of $6.72 and a 52-week high of $57.30.
Frontier Communications Corporation (NASDAQ:FTR) last released its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.95) by $0.01. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Frontier Communications Corporation had a negative net margin of 9.17% and a negative return on equity of 1.97%. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.64) earnings per share. equities research analysts expect that Frontier Communications Corporation will post -4.11 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.40 annualized dividend and a yield of 35.45%. Frontier Communications Corporation’s dividend payout ratio is currently -17.38%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bollard Group LLC boosted its stake in Frontier Communications Corporation by 3.3% in the 2nd quarter. Bollard Group LLC now owns 92,852 shares of the utilities provider’s stock worth $108,000 after purchasing an additional 2,973 shares during the period. Aviva PLC boosted its position in shares of Frontier Communications Corporation by 0.5% during the 2nd quarter. Aviva PLC now owns 736,919 shares of the utilities provider’s stock valued at $855,000 after acquiring an additional 3,410 shares during the last quarter. Amalgamated Bank boosted its position in shares of Frontier Communications Corporation by 2.0% during the 1st quarter. Amalgamated Bank now owns 185,340 shares of the utilities provider’s stock valued at $397,000 after acquiring an additional 3,557 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of Frontier Communications Corporation by 2.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 235,251 shares of the utilities provider’s stock valued at $273,000 after acquiring an additional 5,888 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Frontier Communications Corporation by 1.4% during the 2nd quarter. Arizona State Retirement System now owns 494,600 shares of the utilities provider’s stock valued at $574,000 after acquiring an additional 6,600 shares during the last quarter.
Frontier Communications Corporation Company Profile
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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