Frontier Communications (FTR) Bonds Drop 1% During Trading

An issue of Frontier Communications Corporation (NASDAQ:FTR) bonds fell 1% against their face value during trading on Friday. The high-yield debt issue has a 8.5% coupon and is set to mature on April 15, 2020. The bonds in the issue are now trading at $91.75 and were trading at $93.09 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.

A number of equities analysts recently commented on the company. Hilliard Lyons lowered Frontier Communications from a “neutral” rating to an “underperform” rating in a research note on Wednesday, August 9th. Morgan Stanley dropped their price target on Frontier Communications to $16.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 23rd. BidaskClub lowered Frontier Communications from a “hold” rating to a “sell” rating in a research note on Saturday, September 16th. Royal Bank Of Canada restated a “sector perform” rating and set a $8.00 price objective (down from $16.00) on shares of Frontier Communications in a research report on Monday, November 20th. Finally, Gabelli downgraded Frontier Communications from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Five 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 presently has a consensus rating of “Hold” and a consensus price target of $9.46.

Shares of Frontier Communications Corporation (FTR) traded up $0.05 during midday trading on Friday, hitting $8.55. The stock had a trading volume of 2,727,912 shares, compared to its average volume of 4,028,531. 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 12-month low of $6.08 and a 12-month high of $57.30.

Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings results 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. 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 the consensus estimate of $2.25 billion. During the same period in the prior year, the business posted ($0.64) earnings per share. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. equities research analysts anticipate that Frontier Communications Corporation will post -4.17 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a $0.60 dividend. The ex-dividend date is Thursday, December 14th. This represents a $2.40 annualized dividend and a dividend yield of 28.07%. Frontier Communications’s payout ratio is -17.38%.

Several hedge funds and other institutional investors have recently modified their holdings of FTR. Fiera Capital Corp purchased a new position in Frontier Communications during the 2nd quarter worth $905,000. Raymond James Financial Services Advisors Inc. increased its holdings in Frontier Communications by 53.0% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 381,695 shares of the utilities provider’s stock worth $443,000 after purchasing an additional 132,156 shares during the period. Vanguard Group Inc. increased its holdings in 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 during the period. Northern Trust Corp boosted its position in Frontier Communications by 43.8% during the 2nd quarter. Northern Trust Corp now owns 17,209,093 shares of the utilities provider’s stock valued at $19,963,000 after acquiring an additional 5,238,840 shares in the last quarter. Finally, State Street Corp boosted its position in Frontier Communications by 14.9% during the 2nd quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock valued at $57,507,000 after acquiring an additional 6,445,036 shares in the last quarter. Hedge funds and other institutional investors own 68.48% of the company’s stock.

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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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