Frontier Communications (NASDAQ:FTR) Lowered to “Hold” at Zacks Investment Research

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Zacks Investment Research lowered shares of Frontier Communications (NASDAQ:FTR) from a buy rating to a hold rating in a research report sent to investors on Friday, Zacks.com reports. They currently have $0.85 target price on the utilities provider’s stock.

According to Zacks, “Frontier Communications aims to rake in more profits through customer retention, market share gain and new product introductions. The company is focusing on cost control by bringing about productivity and customer-oriented enhancements to improve efficiencies of its daily operations. Increased traction from the deployment of PEGA-based enhancements to customer care is encouraging. It is expanding its Fiber-based broadband footprint to cater to the needs of faster Internet connectivity for customers in rural areas. However, persistent decline in access lines, loss of legacy fixed telephony business to wireless and dwindling subscriber statistics continue to hurt its growth prospects. High outstanding debt remains a perennial concern, while higher costs and operating expenses will likely prove detrimental to the margins and profitability.”

Several other equities analysts have also recently issued reports on the company. Cowen set a $2.00 price objective on Frontier Communications and gave the company a hold rating in a report on Wednesday, August 7th. Royal Bank of Canada set a $1.00 price target on Frontier Communications and gave the stock a hold rating in a report on Wednesday, August 7th. Guggenheim set a $1.00 price target on Frontier Communications and gave the stock a sell rating in a report on Wednesday, August 7th. Finally, ValuEngine raised Frontier Communications from a sell rating to a hold rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $1.95.

FTR stock traded down $0.01 on Friday, hitting $0.74. 1,213,800 shares of the company’s stock were exchanged, compared to its average volume of 1,176,168. The stock has a market cap of $81.76 million, a P/E ratio of -0.55 and a beta of 1.59. The firm has a 50 day moving average price of $0.94 and a two-hundred day moving average price of $1.31. The company has a debt-to-equity ratio of 10.77, a quick ratio of 1.10 and a current ratio of 1.10. Frontier Communications has a 12-month low of $0.67 and a 12-month high of $4.09.

Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings data on Tuesday, November 5th. The utilities provider reported ($0.15) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.47) by $0.32. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Frontier Communications had a negative return on equity of 5.15% and a negative net margin of 72.00%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($4.11) EPS. Sell-side analysts expect that Frontier Communications will post -0.18 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fiera Capital Corp purchased a new stake in Frontier Communications during the 2nd quarter worth approximately $350,000. BlackRock Inc. increased its stake in Frontier Communications by 4.2% during the 2nd quarter. BlackRock Inc. now owns 16,705,266 shares of the utilities provider’s stock worth $29,234,000 after buying an additional 673,480 shares in the last quarter. Invesco Ltd. increased its stake in Frontier Communications by 288.4% during the 2nd quarter. Invesco Ltd. now owns 3,623,984 shares of the utilities provider’s stock worth $6,342,000 after buying an additional 2,690,886 shares in the last quarter. World Asset Management Inc increased its stake in Frontier Communications by 35.3% during the 2nd quarter. World Asset Management Inc now owns 66,627 shares of the utilities provider’s stock worth $117,000 after buying an additional 17,386 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Frontier Communications by 33.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,933,234 shares of the utilities provider’s stock worth $5,134,000 after buying an additional 741,960 shares in the last quarter. 71.94% of the stock is owned by institutional investors.

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 Ethernet and traditional circuit-based services; software defined wide area network, managed Wi-Fi and cloud IT solutions, voice and Unified Communications as a Service (UCaaS), and Voice over Internet Protocol (VoIP) services, as well as hardware and network solutions and services to small and medium business, and large enterprises.

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