Frontier Communications (NASDAQ:FTR) Cut to “Underperform” at Bank of America

Bank of America lowered shares of Frontier Communications (NASDAQ:FTR) from a neutral rating to an underperform rating in a research report sent to investors on Friday, November 10th, MarketBeat Ratings reports. Bank of America currently has $4.00 price objective on the utilities provider’s stock.

Several other equities analysts also recently weighed in on the company. Hilliard Lyons downgraded Frontier Communications from a neutral rating to an underperform rating in a research report on Wednesday, August 9th. UBS restated a neutral rating and set a $15.00 price objective on shares of Frontier Communications in a report on Wednesday, August 2nd. Morgan Stanley dropped their price objective on Frontier Communications to $16.00 and set an equal weight rating for the company in a report on Wednesday, August 23rd. BidaskClub cut Frontier Communications from a hold rating to a sell rating in a report on Saturday, September 16th. Finally, Jefferies Group reiterated a buy rating and issued a $25.00 target price (down from $30.00) on shares of Frontier Communications in a report on Wednesday, August 2nd. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $9.46.

Shares of Frontier Communications (FTR) traded up $0.48 during trading hours on Friday, reaching $8.41. The company’s stock had a trading volume of 4,368,500 shares, compared to its average volume of 2,862,082. The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70. Frontier Communications has a fifty-two week low of $6.08 and a fifty-two week high of $57.30.

Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.95) by $0.01. Frontier Communications had a negative return on equity of 1.97% and a negative net margin of 9.17%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period last year, the firm posted ($0.64) earnings per share. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. equities analysts anticipate that Frontier Communications 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. Investors of record on Friday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 28.54%. The ex-dividend date of this dividend is Thursday, December 14th. Frontier Communications’s dividend payout ratio is currently -17.45%.

Several hedge funds have recently made changes to their positions in FTR. Thrivent Financial For Lutherans increased its holdings in shares of Frontier Communications by 433.2% in the first quarter. Thrivent Financial For Lutherans now owns 221,321 shares of the utilities provider’s stock valued at $475,000 after purchasing an additional 179,812 shares during the period. Amalgamated Bank boosted its stake in shares of Frontier Communications by 2.0% in the first quarter. Amalgamated Bank now owns 185,340 shares of the utilities provider’s stock worth $397,000 after buying an additional 3,557 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Frontier Communications by 84.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 1,093,139 shares of the utilities provider’s stock worth $2,339,000 after buying an additional 500,293 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in shares of Frontier Communications by 259.9% in the first quarter. Tudor Investment Corp ET AL now owns 142,872 shares of the utilities provider’s stock worth $306,000 after buying an additional 103,170 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Frontier Communications by 40.8% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 216,100 shares of the utilities provider’s stock worth $462,000 after buying an additional 62,597 shares during the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Frontier Communications (NASDAQ:FTR)

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