FairPoint Communications Shares Down 11.3% After Earnings Miss (FRP)
Shares of FairPoint Communications (NYSE:FRP) fell 11.3% during trading on Tuesday after the company announced weaker than expected quarterly earnings, American Banking News.com reports. The stock traded as low as $13.05 and last traded at $14.41, with a volume of 131,927 shares changing hands. The stock had previously closed at $16.25.
The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by $0.17. During the same quarter in the previous year, the company posted ($1.64) earnings per share.
A number of research firms have recently commented on FRP. Analysts at Drexel Hamilton downgraded shares of FairPoint Communications from a “buy” rating to a “hold” rating in a research note on Tuesday. Separately, analysts at Wells Fargo & Co. initiated coverage on shares of FairPoint Communications in a research note on Thursday, May 29th. They set a “market perform” rating on the stock. Finally, analysts at TheStreet downgraded shares of FairPoint Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. FairPoint Communications has an average rating of “Hold” and an average price target of $13.70.
The stock’s 50-day moving average is $14.21 and its 200-day moving average is $13.72. The company’s market cap is $381.4 million.
FairPoint Communications, Inc (NYSE:FRP) is a provider of communications services in rural and small urban communities, offering a range of services, including high speed data (HSD), Internet access, voice, television and broadband product offerings.
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