Frontier Communications Parent (NASDAQ:FYBR) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Frontier Communications Parent (NASDAQ:FYBRGet Rating) released its quarterly earnings results on Friday. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02, MarketWatch Earnings reports. Frontier Communications Parent had a net margin of 77.29% and a return on equity of 235.87%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.45 billion. The business’s revenue for the quarter was down 13.7% on a year-over-year basis.

Shares of Frontier Communications Parent stock opened at $23.74 on Tuesday. Frontier Communications Parent has a 52-week low of $23.24 and a 52-week high of $35.15. The company has a 50 day moving average of $27.24 and a 200 day moving average of $29.15. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 1.73.

FYBR has been the subject of several research analyst reports. Citigroup began coverage on shares of Frontier Communications Parent in a research report on Tuesday, April 26th. They set a “buy” rating and a $36.00 price target for the company. Benchmark cut their price objective on shares of Frontier Communications Parent from $56.00 to $49.00 and set a “buy” rating for the company in a report on Thursday, February 24th. Moffett Nathanson cut their price objective on shares of Frontier Communications Parent from $36.00 to $33.00 in a report on Wednesday, March 23rd. JPMorgan Chase & Co. started coverage on shares of Frontier Communications Parent in a report on Monday, February 7th. They issued an “overweight” rating and a $40.00 price objective for the company. Finally, Truist Financial started coverage on shares of Frontier Communications Parent in a report on Tuesday, March 15th. They set a “buy” rating and a $40.00 price target for the company. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Frontier Communications Parent currently has a consensus rating of “Buy” and an average price target of $36.64.

Institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its stake in Frontier Communications Parent by 265.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 687,500 shares of the company’s stock worth $20,274,000 after acquiring an additional 499,225 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Frontier Communications Parent by 1.7% during the 4th quarter. Alliancebernstein L.P. now owns 203,300 shares of the company’s stock worth $5,995,000 after buying an additional 3,300 shares during the last quarter. California State Teachers Retirement System purchased a new stake in shares of Frontier Communications Parent during the 4th quarter worth approximately $4,578,000. Bank of New York Mellon Corp purchased a new stake in shares of Frontier Communications Parent during the 3rd quarter worth approximately $2,474,000. Finally, Sei Investments Co. lifted its position in shares of Frontier Communications Parent by 111.0% during the 4th quarter. Sei Investments Co. now owns 73,727 shares of the company’s stock worth $2,174,000 after buying an additional 38,779 shares during the last quarter. Institutional investors own 93.50% of the company’s stock.

About Frontier Communications Parent (Get Rating)

Frontier Communications Parent, Inc, together with its subsidiaries, provides communications services for consumer and business customers in 25 states in the United States. It offers data and Internet, voice, video, and other services. The company was formerly known as Frontier Communications Corporation and changed its name to Frontier Communications Parent, Inc in April 2021.

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