Frontier Communications (FTR) Debt Trading 1.9% Higher

An issue of Frontier Communications Corporation (NASDAQ:FTR) bonds rose 1.9% as a percentage of their face value during trading on Monday. The high-yield issue of debt has a 8.875% coupon and will mature on September 15, 2020. The debt is now trading at $95.25 and was trading at $84.50 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.

A number of research analysts have commented on FTR shares. Zacks Investment Research upgraded Frontier Communications from a “hold” rating to a “buy” rating and set a $8.25 price objective on the stock in a research note on Tuesday, January 9th. BidaskClub cut Frontier Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, December 20th. Deutsche Bank reduced their price objective on Frontier Communications from $17.00 to $15.00 and set a “hold” rating on the stock in a research note on Tuesday, October 10th. JPMorgan Chase & Co. cut Frontier Communications from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $17.00 to $8.00 in a research note on Wednesday, November 1st. Finally, Wells Fargo & Co restated a “market perform” rating and set a $9.00 price objective (down previously from $14.50) on shares of Frontier Communications in a research note on Thursday, November 2nd. 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. Frontier Communications currently has a consensus rating of “Hold” and an average target price of $9.77.

Shares of Frontier Communications Corporation (NASDAQ FTR) traded up $0.76 during midday trading on Monday, hitting $8.53. The stock had a trading volume of 4,410,000 shares, compared to its average volume of 3,740,000. Frontier Communications Corporation has a twelve month low of $6.08 and a twelve month high of $53.70. The stock has a market capitalization of $669.25, a price-to-earnings ratio of -0.62 and a beta of 0.52. The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70.

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, topping the Zacks’ consensus estimate of ($0.95) by $0.01. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.25 billion. Frontier Communications had a negative return on equity of 1.97% and a negative net margin of 9.17%. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.64) earnings per share. research analysts expect that Frontier Communications Corporation will post -4.16 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 28.14%. The ex-dividend date was Thursday, December 14th. Frontier Communications’s dividend payout ratio is currently -17.45%.

A number of institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue bought a new stake in Frontier Communications in the fourth quarter valued at about $105,000. Schwab Charles Investment Management Inc. increased its holdings in Frontier Communications by 21.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 922,714 shares of the utilities provider’s stock valued at $6,238,000 after buying an additional 162,244 shares during the last quarter. Bank of Montreal Can increased its holdings in Frontier Communications by 281.4% in the fourth quarter. Bank of Montreal Can now owns 29,170 shares of the utilities provider’s stock valued at $198,000 after buying an additional 21,522 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in Frontier Communications by 61.0% in the fourth quarter. Louisiana State Employees Retirement System now owns 33,800 shares of the utilities provider’s stock valued at $228,000 after buying an additional 12,800 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Frontier Communications by 40.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 84,600 shares of the utilities provider’s stock valued at $572,000 after buying an additional 24,171 shares during the last quarter. 62.87% 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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