Frontier Communications (FTR) Shares Gap Up to $2.00

Frontier Communications Corp (NASDAQ:FTR) gapped up prior to trading on Friday . The stock had previously closed at $2.01, but opened at $2.00. Frontier Communications shares last traded at $2.04, with a volume of 44004 shares changing hands.

FTR has been the subject of a number of recent analyst reports. BidaskClub downgraded Frontier Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, December 8th. Royal Bank of Canada set a $5.00 price objective on Frontier Communications and gave the company a “hold” rating in a report on Monday, November 19th. UBS Group downgraded Frontier Communications from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $6.00 to $3.00 in a report on Wednesday, November 7th. Citigroup dropped their price objective on Frontier Communications from $4.50 to $2.75 and set a “sell” rating for the company in a report on Wednesday, November 21st. Finally, Wells Fargo & Co downgraded Frontier Communications from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $5.00 to $1.75 in a report on Tuesday, January 8th. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $4.62.

The firm has a market capitalization of $211.10 million, a PE ratio of -0.53 and a beta of 1.11. The company has a debt-to-equity ratio of 8.44, a current ratio of 0.49 and a quick ratio of 0.49.

Frontier Communications (NASDAQ:FTR) last announced its quarterly earnings results on Tuesday, November 6th. The utilities provider reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.13. Frontier Communications had a negative return on equity of 2.35% and a negative net margin of 16.69%. The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same period in the prior year, the company earned ($0.94) earnings per share. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, equities analysts forecast that Frontier Communications Corp will post -1.47 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of FTR. BlackRock Inc. boosted its position in shares of Frontier Communications by 32.8% during the third quarter. BlackRock Inc. now owns 16,286,094 shares of the utilities provider’s stock worth $105,696,000 after buying an additional 4,021,298 shares during the period. Vanguard Group Inc boosted its position in shares of Frontier Communications by 21.2% during the third quarter. Vanguard Group Inc now owns 11,355,181 shares of the utilities provider’s stock worth $73,695,000 after buying an additional 1,985,632 shares during the period. Vanguard Group Inc. boosted its position in shares of Frontier Communications by 21.2% during the third quarter. Vanguard Group Inc. now owns 11,355,181 shares of the utilities provider’s stock worth $73,695,000 after buying an additional 1,985,632 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Frontier Communications by 924.5% during the third quarter. Allianz Asset Management GmbH now owns 1,637,164 shares of the utilities provider’s stock worth $10,626,000 after buying an additional 1,477,370 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of Frontier Communications by 1,042.6% during the third quarter. Canada Pension Plan Investment Board now owns 848,243 shares of the utilities provider’s stock worth $5,505,000 after buying an additional 774,008 shares during the period. 71.77% of the stock is owned by institutional investors.

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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 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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