Consolidated Communications Holdings Inc (NASDAQ:CNSL) shares shot up 22.1% on Thursday following a stronger than expected earnings report. The stock traded as high as $7.44 and last traded at $7.41, 2,242,437 shares were traded during trading. An increase of 227% from the average session volume of 685,060 shares. The stock had previously closed at $6.07.

The utilities provider reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.11. Consolidated Communications had a return on equity of 8.68% and a net margin of 1.80%. The firm had revenue of $325.18 million for the quarter.

Several equities research analysts have weighed in on the company. BidaskClub cut Consolidated Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 11th. TheStreet raised shares of Consolidated Communications from a “d+” rating to a “c” rating in a research note on Thursday, May 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $3.50.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNSL. Meeder Asset Management Inc. boosted its holdings in Consolidated Communications by 395.2% during the 1st quarter. Meeder Asset Management Inc. now owns 10,686 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 8,528 shares during the last quarter. Pinnacle Associates Ltd. bought a new position in shares of Consolidated Communications in the first quarter valued at approximately $63,000. Public Employees Retirement Association of Colorado increased its position in shares of Consolidated Communications by 23.9% during the first quarter. Public Employees Retirement Association of Colorado now owns 13,995 shares of the utilities provider’s stock valued at $64,000 after acquiring an additional 2,703 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Consolidated Communications during the first quarter worth $64,000. Finally, Virginia Retirement Systems ET AL boosted its position in Consolidated Communications by 25.6% in the first quarter. Virginia Retirement Systems ET AL now owns 14,700 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 3,000 shares during the last quarter. 77.78% of the stock is owned by institutional investors and hedge funds.

The stock has a market cap of $533.19 million, a P/E ratio of 22.12 and a beta of 1.21. The business has a 50 day simple moving average of $6.28 and a 200-day simple moving average of $5.65. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.78 and a current ratio of 0.93.

Consolidated Communications Company Profile (NASDAQ:CNSL)

Consolidated Communications Holdings, Inc, through its subsidiaries, provides telecommunications services to business and residential customers in the United States. It offers high-speed broadband Internet access and voice over Internet protocol (VoIP) phone services to small, medium, and large business customers; commercial data connectivity services in select markets, including a portfolio of Ethernet services, software defined wide area network, multi-protocol label switching, and private line services; and wholesale services to regional and national interexchange and wireless carriers, including cellular backhaul, dark fiber, and other fiber transport solutions.

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