Frontier Communications (FTR) Bonds Rise 1.1% During Trading

An issue of Frontier Communications Corporation (NASDAQ:FTR) bonds rose 1.1% against their face value during trading on Friday. The debt issue has a 10.5% coupon and is set to mature on September 15, 2022. The bonds in the issue are now trading at $79.75 and were trading at $79.25 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.

Several research firms have commented on FTR. BidaskClub raised shares of Frontier Communications from a “sell” rating to a “hold” rating in a report on Thursday, September 7th. ValuEngine downgraded shares of Frontier Communications from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $16.00 price objective on shares of Frontier Communications in a report on Sunday, September 17th. Deutsche Bank dropped their price objective on shares of Frontier Communications from $17.00 to $15.00 and set a “hold” rating on the stock in a report on Tuesday, October 10th. Finally, Zacks Investment Research cut Frontier Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $9.46.

Shares of Frontier Communications Corporation (NASDAQ FTR) traded up $0.60 on Friday, hitting $9.75. The stock had a trading volume of 4,732,777 shares, compared to its average volume of 2,954,478. Frontier Communications Corporation has a 12-month low of $6.08 and a 12-month high of $57.30. 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 (NASDAQ:FTR) last announced its quarterly earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the prior year, the business posted ($0.64) earnings per share. The company’s revenue was down 10.8% on a year-over-year basis. sell-side analysts predict that Frontier Communications Corporation will post -4.17 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 24.62%. The ex-dividend date of this dividend is Thursday, December 14th. Frontier Communications’s dividend payout ratio is presently -17.45%.

Several hedge funds have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC bought a new position in shares of Frontier Communications in the third quarter worth approximately $176,000. Engineers Gate Manager LP bought a new position in shares of Frontier Communications in the third quarter worth approximately $138,000. Pinnacle Associates Ltd. bought a new position in shares of Frontier Communications in the third quarter worth approximately $535,000. Virginia Retirement Systems ET AL bought a new position in shares of Frontier Communications in the third quarter worth approximately $174,000. Finally, SG Americas Securities LLC increased its position in shares of Frontier Communications by 109.9% in the third quarter. SG Americas Securities LLC now owns 32,288 shares of the utilities provider’s stock worth $381,000 after purchasing an additional 357,493 shares during the last quarter. Institutional investors own 67.64% 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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