Wells Fargo & Company Reiterates “Market Perform” Rating for Frontier Communications Corporation (NASDAQ:FTR)

Frontier Communications Corporation (NASDAQ:FTR)‘s stock had its “market perform” rating restated by equities researchers at Wells Fargo & Company in a research note issued to investors on Thursday, November 2nd, The Fly reports. They presently have a $9.00 target price on the utilities provider’s stock, down from their previous target price of $14.50. Wells Fargo & Company’s price target would indicate a potential upside of 27.12% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of Frontier Communications Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. BidaskClub upgraded shares of Frontier Communications Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, September 7th. ValuEngine downgraded shares of Frontier Communications Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Vetr downgraded Frontier Communications Corporation from a “strong-buy” rating to a “buy” rating and set a $13.35 price objective for the company. in a research report on Tuesday, October 31st. Finally, UBS AG cut their price objective on Frontier Communications Corporation from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 1st. 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 stock. The stock has an average rating of “Hold” and an average target price of $9.46.

Shares of Frontier Communications Corporation (FTR) opened at $7.08 on Thursday. Frontier Communications Corporation has a twelve month low of $6.25 and a twelve month high of $57.30. The company has a debt-to-equity ratio of 5.16, a current ratio of 0.70 and a quick ratio of 0.70.

Frontier Communications Corporation (NASDAQ:FTR) last posted its quarterly earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.95) by $0.01. Frontier Communications Corporation had a negative net margin of 9.17% and a negative return on equity of 1.97%. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period last year, the firm earned ($0.64) EPS. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. sell-side analysts predict that Frontier Communications Corporation will post -4.17 EPS for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in FTR. BlackRock Inc. grew its stake in shares of Frontier Communications Corporation by 4,683.4% during the 1st quarter. BlackRock Inc. now owns 116,003,627 shares of the utilities provider’s stock valued at $248,246,000 after buying an additional 113,578,500 shares during the period. First Trust Advisors LP grew its stake in shares of Frontier Communications Corporation by 101.4% during the 2nd quarter. First Trust Advisors LP now owns 42,741,996 shares of the utilities provider’s stock valued at $49,581,000 after buying an additional 21,522,621 shares during the period. Gotham Asset Management LLC grew its stake in shares of Frontier Communications Corporation by 340.9% during the 2nd quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock valued at $22,941,000 after buying an additional 15,290,477 shares during the period. Vanguard Group Inc. grew its stake in shares of Frontier Communications Corporation by 9.9% during the 2nd quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock valued at $135,488,000 after buying an additional 10,474,703 shares during the period. Finally, Coatue Management LLC purchased a new stake in shares of Frontier Communications Corporation during the 2nd quarter valued at $8,223,000.

Frontier Communications Corporation Company Profile

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).

The Fly

Analyst Recommendations for Frontier Communications Corporation (NASDAQ:FTR)

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