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.
COPYRIGHT VIOLATION NOTICE: “Frontier Communications (FTR) Bonds Rise 1.1% During Trading” was first published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this article on another domain, it was illegally copied and reposted in violation of U.S. & international trademark & copyright legislation. The correct version of this article can be accessed at https://www.dispatchtribunal.com/2017/12/08/frontier-communications-ftr-bonds-rise-1-1-during-trading.html.
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).
Receive News & Ratings for Frontier Communications Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Frontier Communications Corporation and related companies with MarketBeat.com's FREE daily email newsletter.