Frontier Communications (FTR) Bonds Trading 2% Lower

An issue of Frontier Communications Corp (NASDAQ:FTR) debt fell 2% as a percentage of its face value during trading on Wednesday. The debt issue has a 10.5% coupon and will mature on September 15, 2022. The debt is now trading at $79.00 and was trading at $77.75 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

A number of analysts have recently commented on FTR shares. BidaskClub downgraded Frontier Communications from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. Zacks Investment Research upgraded Frontier Communications from a “hold” rating to a “buy” rating and set a $4.50 target price on the stock in a research note on Tuesday, November 20th. Morgan Stanley lowered their target price on Frontier Communications from $10.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Monday, November 19th. Royal Bank of Canada set a $5.00 target price on Frontier Communications and gave the stock a “hold” rating in a research note on Monday, November 19th. Finally, Citigroup lowered their target price on Frontier Communications from $4.50 to $2.75 and set a “sell” rating on the stock in a research note on Wednesday, November 21st. Six investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $5.19.

NASDAQ FTR opened at $3.42 on Thursday. The stock has a market capitalization of $360.98 million, a P/E ratio of -0.90 and a beta of 0.75. Frontier Communications Corp has a twelve month low of $3.39 and a twelve month high of $11.64. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 8.44.

Frontier Communications (NASDAQ:FTR) last released its quarterly earnings results on Tuesday, November 6th. The utilities provider reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.13. The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Frontier Communications had a negative return on equity of 2.35% and a negative net margin of 16.69%. Frontier Communications’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.94) EPS. As a group, equities research analysts expect that Frontier Communications Corp will post -1.47 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its holdings in shares of Frontier Communications by 7.4% during the first quarter. Millennium Management LLC now owns 131,299 shares of the utilities provider’s stock valued at $974,000 after acquiring an additional 9,006 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Frontier Communications by 38.3% during the first quarter. Royal Bank of Canada now owns 32,309 shares of the utilities provider’s stock valued at $239,000 after acquiring an additional 8,942 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Frontier Communications by 2.2% during the first quarter. Principal Financial Group Inc. now owns 612,090 shares of the utilities provider’s stock valued at $4,541,000 after acquiring an additional 13,460 shares during the last quarter. Aperio Group LLC raised its holdings in shares of Frontier Communications by 13.3% during the second quarter. Aperio Group LLC now owns 107,077 shares of the utilities provider’s stock valued at $574,000 after acquiring an additional 12,610 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Frontier Communications during the second quarter valued at approximately $2,118,000. 71.65% of the stock is owned by institutional investors.

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Frontier Communications Company Profile (NASDAQ:FTR)

Frontier Communications Corporation provides communications services to consumer, commercial, and wholesale customers in the United States. It offers broadband, video, voice, and other services and products through a combination of fiber and copper based networks to consumer customers. The company also provides broadband, Ethernet, traditional circuit-based, and voice services; and software defined wide area network, multiprotocol label switching, and time division multiplexing data transport and optical transport services to small, medium, and large enterprises, as well as advanced hardware and network solutions and services, and customer premise equipment.

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