Brokerages Expect Frontier Communications Corporation (FTR) Will Post Quarterly Sales of $2.21 Billion

Wall Street analysts predict that Frontier Communications Corporation (NASDAQ:FTR) will post sales of $2.21 billion for the current fiscal quarter, according to Zacks. 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 posted sales of $2.41 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 8.3%. The business is scheduled to report its next quarterly earnings results on Monday, February 26th.

According to Zacks, 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 forecast that the company will post sales of $8.64 billion per share, with estimates ranging from $8.59 billion to $8.69 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Frontier Communications.

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

Several research analysts have issued reports on FTR shares. Royal Bank of Canada restated a “sector perform” rating and set a $8.00 target price (down previously from $16.00) on shares of Frontier Communications in a research report on Monday, November 20th. BidaskClub lowered Frontier Communications from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 18th. Zacks Investment Research lowered Frontier Communications from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Wells Fargo & Co reiterated a “market perform” rating and issued a $9.00 price target (down previously from $14.50) on shares of Frontier Communications in a report on Thursday, November 2nd. Finally, Vetr lowered Frontier Communications from a “strong-buy” rating to a “buy” rating and set a $13.35 price target for the company. in a report on Tuesday, October 31st. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $9.77.

Shares of Frontier Communications (NASDAQ:FTR) traded up $0.56 during trading hours on Friday, hitting $7.77. The company’s stock had a trading volume of 3,660,820 shares, compared to its average volume of 2,719,225. Frontier Communications has a fifty-two week low of $6.08 and a fifty-two week high of $53.70. The stock has a market capitalization of $609.62, a price-to-earnings ratio of -0.57 and a beta of 0.52. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 5.16.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a yield of 30.89%. Frontier Communications’s dividend payout ratio is currently -17.45%.

A number of institutional investors have recently bought and sold shares of the business. Gotham Asset Management LLC increased its position in shares of Frontier Communications by 340.9% during the second quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock worth $22,941,000 after purchasing an additional 15,290,477 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Frontier Communications by 9.9% during the second quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after purchasing an additional 10,474,703 shares in the last quarter. Coatue Management LLC acquired a new position in shares of Frontier Communications during the second quarter worth $8,223,000. Quantitative Investment Management LLC increased its position in shares of Frontier Communications by 549.6% during the second quarter. Quantitative Investment Management LLC now owns 8,279,600 shares of the utilities provider’s stock worth $9,604,000 after purchasing an additional 7,005,100 shares in the last quarter. Finally, State Street Corp increased its position in shares of Frontier Communications by 14.9% during the second quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock worth $57,507,000 after purchasing an additional 6,445,036 shares in the last quarter. Institutional investors own 62.90% of the company’s stock.

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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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