Frontier Communications (FTR) Stock Rating Lowered by Wells Fargo & Co

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Wells Fargo & Co lowered shares of Frontier Communications (NASDAQ:FTR) from a market perform rating to an underperform rating in a research report sent to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has $1.75 price objective on the utilities provider’s stock, down from their prior price objective of $5.00.

Several other equities research analysts also recently commented on FTR. BidaskClub raised Frontier Communications from a hold rating to a buy rating in a report on Thursday, September 20th. ValuEngine raised Frontier Communications from a strong sell rating to a sell rating in a report on Tuesday, October 2nd. UBS Group downgraded Frontier Communications from a neutral rating to a sell rating and cut their price target for the company from $6.00 to $3.00 in a report on Wednesday, November 7th. Morgan Stanley lowered their price objective on Frontier Communications from $10.00 to $5.00 and set an equal weight rating on the stock in a research report on Monday, November 19th. Finally, Royal Bank of Canada set a $5.00 price objective on Frontier Communications and gave the stock a hold rating in a research report on Monday, November 19th. Seven analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $4.72.

NASDAQ FTR traded up $0.10 during trading hours on Tuesday, reaching $2.62. 80,865 shares of the company’s stock were exchanged, compared to its average volume of 3,395,765. Frontier Communications has a one year low of $2.01 and a one year high of $11.64. The company has a debt-to-equity ratio of 8.44, a quick ratio of 0.49 and a current ratio of 0.49. The stock has a market cap of $275.48 million, a price-to-earnings ratio of -0.70 and a beta of 1.11.

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

Hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board boosted its stake 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 valued at $5,505,000 after purchasing an additional 774,008 shares in the last quarter. BlackRock Inc. lifted its stake in Frontier Communications by 11.5% in the second quarter. BlackRock Inc. now owns 12,264,796 shares of the utilities provider’s stock valued at $65,739,000 after buying an additional 1,263,245 shares during the period. Capital World Investors acquired a new position in Frontier Communications in the third quarter valued at approximately $692,000. Rhumbline Advisers lifted its stake in Frontier Communications by 26.0% in the third quarter. Rhumbline Advisers now owns 258,103 shares of the utilities provider’s stock valued at $1,675,000 after buying an additional 53,227 shares during the period. Finally, Allianz Asset Management GmbH lifted its stake in Frontier Communications by 924.5% in the third quarter. Allianz Asset Management GmbH now owns 1,637,164 shares of the utilities provider’s stock valued at $10,626,000 after buying an additional 1,477,370 shares during the period. Hedge funds and other institutional investors own 71.60% of the company’s stock.

About Frontier Communications

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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Analyst Recommendations for Frontier Communications (NASDAQ:FTR)

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