Shares of Frontier Communications Corp (NASDAQ:FTR) traded up 10.2% during trading on Monday . The stock traded as high as $6.54 and last traded at $6.38. 5,821,502 shares traded hands during mid-day trading, an increase of 75% from the average session volume of 3,329,669 shares. The stock had previously closed at $5.79.
Several analysts have commented on the stock. BidaskClub cut shares of Frontier Communications from a “buy” rating to a “hold” rating in a research note on Friday, May 25th. Barclays decreased their price target on shares of Frontier Communications from $8.50 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, May 31st. Citigroup decreased their price target on shares of Frontier Communications from $6.25 to $4.50 and set a “sell” rating on the stock in a research note on Thursday, June 28th. Royal Bank of Canada reiterated a “hold” rating and issued a $6.00 price target on shares of Frontier Communications in a research note on Friday, August 3rd. Finally, Zacks Investment Research cut shares of Frontier Communications from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $7.80.
The company has a debt-to-equity ratio of 6.75, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market cap of $601.00 million, a PE ratio of -1.56 and a beta of 0.61.
Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, July 31st. The utilities provider reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.83) by $0.03. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Frontier Communications had a negative net margin of 12.06% and a negative return on equity of 2.48%. The business’s revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.10) EPS. analysts forecast that Frontier Communications Corp will post -1.64 EPS for the current year.
A number of large investors have recently modified their holdings of FTR. BlackRock Inc. grew its holdings in Frontier Communications by 11.5% during the 2nd quarter. BlackRock Inc. now owns 12,264,796 shares of the utilities provider’s stock valued at $65,739,000 after purchasing an additional 1,263,245 shares during the last quarter. BlueMountain Capital Management LLC grew its holdings in Frontier Communications by 1,781.9% during the 2nd quarter. BlueMountain Capital Management LLC now owns 1,323,436 shares of the utilities provider’s stock valued at $7,094,000 after purchasing an additional 1,253,112 shares during the last quarter. Davidson Kempner Capital Management LP bought a new position in Frontier Communications during the 2nd quarter valued at about $5,330,000. Millennium Management LLC grew its holdings in Frontier Communications by 527.5% during the 2nd quarter. Millennium Management LLC now owns 823,836 shares of the utilities provider’s stock valued at $4,416,000 after purchasing an additional 692,537 shares during the last quarter. Finally, KBC Group NV grew its holdings in Frontier Communications by 8,427.1% during the 2nd quarter. KBC Group NV now owns 609,429 shares of the utilities provider’s stock valued at $3,266,000 after purchasing an additional 602,282 shares during the last quarter. Institutional investors own 62.77% of the company’s stock.
About Frontier Communications (NASDAQ:FTR)
Frontier Communications Corporation provides communications services to consumer, commercial, and wholesale customers in the United States. It offers broadband, video, voice, and other services and products through a combination of fiber and copper based networks to consumer customers. The company also provides broadband, Ethernet, traditional circuit-based, and voice services; and software defined wide area network, multiprotocol label switching, and time division multiplexing data transport and optical transport services to small, medium, and large enterprises, as well as advanced hardware and network solutions and services, and customer premise equipment.
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