Frontier Communications (FTR) Shares Gap Down to $10.20

Frontier Communications Corporation (NASDAQ:FTR) shares gapped down before the market opened on Friday . The stock had previously closed at $10.88, but opened at $10.20. Frontier Communications shares last traded at $8.69, with a volume of 7290700 shares traded.

A number of research analysts have recently commented on the stock. Barclays assumed coverage on shares of Frontier Communications in a research report on Friday. They set an “underweight” rating and a $7.00 target price on the stock. BidaskClub raised shares of Frontier Communications from a “hold” rating to a “buy” rating in a research report on Tuesday, December 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $8.00 target price (down from $16.00) on shares of Frontier Communications in a research report on Monday, November 20th. Bank of America cut shares of Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 target price on the stock. in a research report on Friday, November 10th. Finally, Gabelli cut shares of Frontier Communications from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Six analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $9.30.

The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 5.16.

Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.01. The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.25 billion. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. The business’s revenue was down 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.64) earnings per share. research analysts anticipate that Frontier Communications Corporation will post -4.17 EPS for the current year.

The firm 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 dividend of $0.60 per share. The ex-dividend date is Thursday, December 14th. This represents a $2.40 annualized dividend and a yield of 29.70%. Frontier Communications’s payout ratio is -17.38%.

Hedge funds have recently added to or reduced their stakes in the business. FNY Partners Fund LP increased its stake in Frontier Communications by 900.0% during the second quarter. FNY Partners Fund LP now owns 10,000 shares of the utilities provider’s stock valued at $174,000 after purchasing an additional 9,000 shares during the last quarter. Quantbot Technologies LP bought a new stake in Frontier Communications during the third quarter valued at $124,000. Engineers Gate Manager LP bought a new stake in Frontier Communications during the third quarter valued at $138,000. Crossmark Global Holdings Inc. bought a new stake in Frontier Communications during the third quarter valued at $146,000. Finally, Virginia Retirement Systems ET AL bought a new stake in Frontier Communications during the third quarter valued at $174,000. Hedge funds and other institutional investors own 67.62% of the company’s stock.

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About Frontier Communications

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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