Frontier Communications (FTR) Bonds Trading 1.6% Higher

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

A number of research firms recently weighed in on FTR. Deutsche Bank dropped their price target 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. Zacks Investment Research cut Frontier Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Wells Fargo & Co restated a “market perform” rating and issued a $9.00 price target (down previously from $14.50) on shares of Frontier Communications in a research note on Thursday, November 2nd. UBS Group decreased their price objective on Frontier Communications from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, November 1st. 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 report on Wednesday, November 1st. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Frontier Communications has a consensus rating of “Hold” and a consensus target price of $9.77.

Shares of Frontier Communications Corporation (FTR) traded down $0.48 during midday trading 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. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 5.16. Frontier Communications Corporation has a 52-week low of $6.08 and a 52-week high of $53.85. The firm has a market cap of $609.23, a price-to-earnings ratio of -0.57 and a beta of 0.52.

Frontier Communications (NASDAQ:FTR) last released its earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.95) by $0.01. The company 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%. Frontier Communications’s quarterly revenue was down 10.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.64) EPS. research analysts expect that Frontier Communications Corporation will post -4.16 EPS for the current year.

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Frontier Communications by 9.9% during the 2nd quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after purchasing an additional 10,474,703 shares in the last quarter. State Street Corp grew its holdings in shares of Frontier Communications by 14.9% during the 2nd quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock worth $57,507,000 after purchasing an additional 6,445,036 shares in the last quarter. Gotham Asset Management LLC grew its holdings in shares of Frontier Communications by 340.9% during the 2nd quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock worth $22,941,000 after purchasing an additional 15,290,477 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Frontier Communications by 43.8% during the 2nd quarter. Northern Trust Corp now owns 17,209,093 shares of the utilities provider’s stock worth $19,963,000 after purchasing an additional 5,238,840 shares in the last quarter. Finally, Quantitative Investment Management LLC boosted its stake in Frontier Communications by 549.6% in the second quarter. Quantitative Investment Management LLC now owns 8,279,600 shares of the utilities provider’s stock valued at $9,604,000 after buying an additional 7,005,100 shares in the last quarter. 62.90% of the stock is currently owned by 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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