Frontier Communications (FTR) Bonds Trading 4.3% Higher

An issue of Frontier Communications Corporation (NASDAQ:FTR) debt rose 4.3% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 8.875% coupon and will mature on September 15, 2020. The debt is now trading at $90.75 and was trading at $85.25 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.

FTR has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Frontier Communications from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Deutsche Bank lowered their price target on Frontier Communications from $17.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, October 10th. BidaskClub downgraded Frontier Communications from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 18th. Cowen restated a “hold” rating and issued a $14.00 price target on shares of Frontier Communications in a report on Thursday, October 19th. Finally, Vetr downgraded Frontier Communications from a “strong-buy” rating to a “buy” rating and set a $13.35 price target for the company. in a report on Tuesday, October 31st. Six equities research 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. The company presently has an average rating of “Hold” and an average target price of $9.77.

Frontier Communications Corporation (NASDAQ:FTR) traded down $0.21 during mid-day trading on Friday, hitting $7.21. The stock had a trading volume of 2,581,400 shares, compared to its average volume of 2,640,758. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 5.16. The firm has a market capitalization of $561.45, a PE ratio of -0.52 and a beta of 0.52. Frontier Communications Corporation has a 52 week low of $6.08 and a 52 week high of $53.70.

Frontier Communications (NASDAQ:FTR) last posted its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.01. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.64) earnings per share. sell-side analysts anticipate that Frontier Communications Corporation will post -4.16 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were given a dividend of $0.60 per share. The ex-dividend date was Thursday, December 14th. This represents a $2.40 annualized dividend and a dividend yield of 33.29%. Frontier Communications’s dividend payout ratio is currently -17.45%.

Several hedge funds have recently bought and sold shares of FTR. Gotham Asset Management LLC boosted its position in shares of Frontier Communications by 340.9% during the second quarter. Gotham Asset Management LLC now owns 19,776,306 shares of the utilities provider’s stock worth $22,941,000 after buying an additional 15,290,477 shares during the period. Vanguard Group Inc. boosted its position in shares of Frontier Communications by 9.9% during the second quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock worth $135,488,000 after buying an additional 10,474,703 shares during the period. Coatue Management LLC acquired a new position in shares of Frontier Communications during the second quarter worth about $8,223,000. Quantitative Investment Management LLC boosted its position in shares of Frontier Communications by 549.6% during the second quarter. Quantitative Investment Management LLC now owns 8,279,600 shares of the utilities provider’s stock worth $9,604,000 after buying an additional 7,005,100 shares during the period. Finally, State Street Corp boosted its position in shares of Frontier Communications by 14.9% during the second quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock worth $57,507,000 after buying an additional 6,445,036 shares during the period. 62.90% of the stock is 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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