Frontier Communications (FTR) Debt Trading 2.3% Lower

An issue of Frontier Communications Corporation (NASDAQ:FTR) bonds fell 2.3% as a percentage of their face value during trading on Tuesday. The high-yield debt issue has a 8.5% coupon and is set to mature on April 15, 2020. The debt is now trading at $85.25 and was trading at $90.88 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

Several analysts have issued reports on FTR shares. Royal Bank of Canada reaffirmed 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 cut Frontier Communications from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 18th. Zacks Investment Research cut Frontier Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Wells Fargo & Company reiterated a “market perform” rating and set a $9.00 price objective (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 objective for the company. in a report on Tuesday, October 31st. Six analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $9.30.

Frontier Communications Corporation (NASDAQ:FTR) traded down $0.76 during midday trading on Tuesday, hitting $7.44. The company’s stock had a trading volume of 4,604,660 shares, compared to its average volume of 3,041,309. Frontier Communications Corporation has a twelve month low of $6.08 and a twelve month high of $57.30. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 5.16.

Frontier Communications (NASDAQ:FTR) last released its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.95) by $0.01. The business had revenue of $2.25 billion during 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 was down 10.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.64) EPS. analysts forecast that Frontier Communications Corporation will post -4.17 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 32.26%. Frontier Communications’s payout ratio is currently -17.38%.

Several large investors have recently bought and sold shares of FTR. Shelton Capital Management acquired a new stake in shares of Frontier Communications during the 2nd quarter valued at about $111,000. GSA Capital Partners LLP acquired a new stake in shares of Frontier Communications during the 2nd quarter valued at about $113,000. World Asset Management Inc grew its position in shares of Frontier Communications by 14.5% during the 2nd quarter. World Asset Management Inc now owns 104,176 shares of the utilities provider’s stock valued at $121,000 after acquiring an additional 13,158 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Frontier Communications during the 3rd quarter valued at about $124,000. Finally, MML Investors Services LLC grew its position in shares of Frontier Communications by 204.3% during the 2nd quarter. MML Investors Services LLC now owns 118,366 shares of the utilities provider’s stock valued at $137,000 after acquiring an additional 79,473 shares during the period. Hedge funds and other institutional investors own 62.89% 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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