Wells Fargo & Co. Reiterates “Outperform” Rating for Frontier Communications Corp. (FTR)
Frontier Communications Corp. (NASDAQ:FTR)‘s stock had its “outperform” rating restated by analysts at Wells Fargo & Co. in a research note issued on Monday. They currently have a $8.75 price target on the stock. Wells Fargo & Co.’s price objective suggests a potential upside of 103.49% from the stock’s current price.
FTR has been the topic of several other reports. Citigroup Inc. lowered their target price on Frontier Communications Corp. from $4.00 to $3.50 and set a “sell” rating on the stock in a research report on Friday. Macquarie began coverage on Frontier Communications Corp. in a research report on Monday, July 11th. They issued an “underperform” rating and a $4.65 target price on the stock. Zacks Investment Research upgraded Frontier Communications Corp. from a “hold” rating to a “buy” rating and set a $5.50 target price on the stock in a research report on Friday, July 8th. Morgan Stanley cut Frontier Communications Corp. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $6.00 to $5.40 in a research report on Monday, July 18th. Finally, Raymond James Financial Inc. lowered their target price on Frontier Communications Corp. from $6.00 to $5.50 and set an “outperform” rating on the stock in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. Frontier Communications Corp. presently has an average rating of “Buy” and an average target price of $5.95.
Shares of Frontier Communications Corp. (NASDAQ:FTR) opened at 4.30 on Monday. The stock has a 50 day moving average price of $4.69 and a 200 day moving average price of $5.09. Frontier Communications Corp. has a 12 month low of $3.81 and a 12 month high of $5.85. The stock’s market capitalization is $5.04 billion.
Frontier Communications Corp. (NASDAQ:FTR) last announced its quarterly earnings results on Monday, August 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.04. The company earned $2.61 billion during the quarter, compared to the consensus estimate of $2.75 billion. Frontier Communications Corp. had a positive return on equity of 2.52% and a negative net margin of 4.85%. The company’s revenue for the quarter was up 90.6% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. On average, analysts anticipate that Frontier Communications Corp. will post ($0.08) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a $0.105 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.42 annualized dividend and a dividend yield of 9.77%. Frontier Communications Corp.’s dividend payout ratio (DPR) is presently -85.71%.
Hedge funds have recently modified their holdings of the company. Murphy Capital Management Inc. purchased a new stake in Frontier Communications Corp. during the second quarter worth about $106,000. NEXT Financial Group Inc boosted its stake in Frontier Communications Corp. by 23.2% in the second quarter. NEXT Financial Group Inc now owns 22,450 shares of the company’s stock worth $110,000 after buying an additional 4,233 shares during the last quarter. Bank of Nova Scotia boosted its stake in Frontier Communications Corp. by 6.2% in the second quarter. Bank of Nova Scotia now owns 23,138 shares of the company’s stock worth $114,000 after buying an additional 1,360 shares during the last quarter. Private Bank & Trust Co. purchased a new stake in Frontier Communications Corp. during the second quarter worth about $116,000. Finally, Bayesian Capital Management LP purchased a new stake in Frontier Communications Corp. during the first quarter worth about $117,000. 65.99% of the stock is owned by institutional investors and hedge funds.
About Frontier Communications Corp.
Frontier Communications Corporation (Frontier) offers a range of voice, data, and video services and products. The Company offers a portfolio of communications services for residential and business customers in each of its markets. The Company’s product portfolio includes Internet access, broadband-enabled services, video services and voice services.
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