Shares of Frontier Communications Corp (NASDAQ:FTR) fell 1.3% on Thursday . The stock traded as low as $1.47 and last traded at $1.47. 85,516 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 2,710,217 shares. The stock had previously closed at $1.49.
Several brokerages recently weighed in on FTR. Zacks Investment Research cut shares of Frontier Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. BidaskClub raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a report on Thursday, April 4th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $3.00 target price on shares of Frontier Communications in a report on Wednesday, February 27th. Cowen reaffirmed a “hold” rating and issued a $3.00 target price on shares of Frontier Communications in a report on Wednesday, February 27th. Finally, Raymond James cut shares of Frontier Communications from an “outperform” rating to a “market perform” rating and set a $2.51 target price on the stock. in a report on Tuesday, February 19th. Six research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Frontier Communications has an average rating of “Sell” and an average target price of $3.08.
The company has a debt-to-equity ratio of 10.77, a quick ratio of 0.55 and a current ratio of 0.55.
Frontier Communications (NASDAQ:FTR) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported ($0.18) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.27. The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.10 billion. Frontier Communications had a negative net margin of 8.81% and a negative return on equity of 2.14%. The firm’s revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.58) earnings per share. Research analysts expect that Frontier Communications Corp will post -0.93 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the business. Benefit Street Partners LLC increased its stake in Frontier Communications by 72.8% in the first quarter. Benefit Street Partners LLC now owns 2,039,910 shares of the utilities provider’s stock valued at $4,060,000 after purchasing an additional 859,680 shares during the last quarter. BlueCrest Capital Management Ltd purchased a new position in Frontier Communications in the first quarter valued at approximately $75,000. Contrarian Capital Management L.L.C. purchased a new position in Frontier Communications in the first quarter valued at approximately $200,000. Schonfeld Strategic Advisors LLC purchased a new position in Frontier Communications in the first quarter valued at approximately $28,000. Finally, Morgan Stanley increased its stake in Frontier Communications by 30.6% in the first quarter. Morgan Stanley now owns 1,729,925 shares of the utilities provider’s stock valued at $3,442,000 after purchasing an additional 405,346 shares during the last quarter. Institutional investors own 77.99% of the company’s stock.
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Frontier Communications Company Profile (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 Ethernet and traditional circuit-based services; software defined wide area network, managed Wi-Fi and cloud IT solutions, voice and Unified Communications as a Service (UCaaS), and Voice over Internet Protocol (VoIP) services, as well as hardware and network solutions and services to small and medium business, and large enterprises.
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