Frontier Communications Corporation (FTR) Expected to Post Quarterly Sales of $2.21 Billion

Wall Street brokerages forecast that Frontier Communications Corporation (NASDAQ:FTR) will announce $2.21 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Frontier Communications’ earnings. The highest sales estimate is $2.22 billion and the lowest is $2.20 billion. Frontier Communications reported sales of $2.41 billion in the same quarter last year, which would suggest a negative year over year growth rate of 8.3%. The firm is scheduled to report its next earnings report on Monday, February 26th.

On average, analysts expect that Frontier Communications will report full year sales of $2.21 billion for the current financial year, with estimates ranging from $9.11 billion to $9.13 billion. For the next fiscal year, analysts anticipate that the business will report sales of $8.64 billion per share, with estimates ranging from $8.59 billion to $8.69 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Frontier Communications.

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

A number of research firms have issued reports on FTR. BidaskClub raised Frontier Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Deutsche Bank decreased their target price on Frontier Communications from $17.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, October 10th. Zacks Investment Research downgraded Frontier Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. ValuEngine lowered Frontier Communications from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Finally, J P Morgan Chase & Co lowered Frontier Communications from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $8.00 in a report on Wednesday, November 1st. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. Frontier Communications currently has a consensus rating of “Hold” and a consensus price target of $9.46.

Shares of Frontier Communications (NASDAQ FTR) traded up $0.17 on Tuesday, hitting $7.78. The company had a trading volume of 313,765 shares, compared to its average volume of 2,858,463. 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 has a one year low of $6.08 and a one year high of $57.30.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 30.87%. The ex-dividend date is Thursday, December 14th. Frontier Communications’s dividend payout ratio is -17.38%.

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Frontier Communications by 9.9% in the second quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after buying an additional 10,474,703 shares during the period. State Street Corp increased its holdings in shares of Frontier Communications by 14.9% in the second quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock worth $57,507,000 after buying an additional 6,445,036 shares during the period. First Trust Advisors LP increased its holdings in shares of Frontier Communications by 101.4% in the second quarter. First Trust Advisors LP now owns 42,741,996 shares of the utilities provider’s stock worth $49,581,000 after buying an additional 21,522,621 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Frontier Communications by 7.4% in the second quarter. Bank of New York Mellon Corp now owns 25,636,186 shares of the utilities provider’s stock worth $29,738,000 after buying an additional 1,757,905 shares during the period. Finally, Gotham Asset Management LLC increased its holdings in shares of Frontier Communications by 340.9% in the second quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock worth $22,941,000 after buying an additional 15,290,477 shares during the period. 68.48% of the stock is owned by hedge funds and other institutional investors.

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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).

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