Frontier Communications (FTR) Bond Prices Rise 1.6%

An issue of Frontier Communications Corporation (NASDAQ:FTR) debt rose 1.6% against its face value during trading on Monday. The high-yield issue of debt has a 8.5% coupon and will mature on April 15, 2020. The bonds in the issue are now trading at $88.50 and were trading at $87.50 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.

Several equities analysts recently issued reports on the company. Zacks Investment Research lowered Frontier Communications from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. Deutsche Bank decreased their price objective 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. Cowen reiterated a “hold” rating and issued a $14.00 price objective on shares of Frontier Communications in a research report on Thursday, October 19th. BidaskClub upgraded Frontier Communications from a “sell” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, JPMorgan Chase & Co. lowered Frontier Communications from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $17.00 to $8.00 in a research report on Wednesday, November 1st. Six investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $9.77.

Frontier Communications Corporation (NASDAQ FTR) traded down $0.48 during trading hours on Wednesday, reaching $7.82. The company’s stock had a trading volume of 2,955,700 shares, compared to its average volume of 2,625,660. Frontier Communications Corporation has a 52-week low of $6.08 and a 52-week high of $53.85. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 5.16. The firm has a market cap of $609.23, a P/E ratio of -0.57 and a beta of 0.52.

Frontier Communications (NASDAQ:FTR) last released its quarterly earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the firm posted ($0.64) EPS. The business’s revenue was down 10.8% on a year-over-year basis. research analysts forecast that Frontier Communications Corporation will post -4.16 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 30.69%. The ex-dividend date of this dividend was Thursday, December 14th. Frontier Communications’s dividend payout ratio is currently -17.45%.

Several institutional investors have recently made changes to their positions in FTR. Schwab Charles Investment Management Inc. raised its stake in shares of Frontier Communications by 91.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 6,657,284 shares of the utilities provider’s stock worth $7,723,000 after purchasing an additional 3,179,346 shares in the last quarter. Comerica Bank raised its stake in shares of Frontier Communications by 1.3% during the 2nd quarter. Comerica Bank now owns 940,739 shares of the utilities provider’s stock worth $997,000 after purchasing an additional 12,067 shares in the last quarter. Federated Investors Inc. PA raised its stake in shares of Frontier Communications by 2.5% during the 2nd quarter. Federated Investors Inc. PA now owns 671,875 shares of the utilities provider’s stock worth $779,000 after purchasing an additional 16,302 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Frontier Communications by 4.3% during the 2nd quarter. Prudential Financial Inc. now owns 782,845 shares of the utilities provider’s stock worth $908,000 after purchasing an additional 32,418 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Frontier Communications by 4.3% during the 2nd quarter. Principal Financial Group Inc. now owns 4,940,323 shares of the utilities provider’s stock worth $5,730,000 after purchasing an additional 201,711 shares in the last quarter. Institutional investors own 62.90% of the company’s stock.

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Frontier Communications Company Profile

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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