Frontier Communications (FTR) Bonds Drop 2.3% During Trading

An issue of Frontier Communications Corporation (NASDAQ:FTR) bonds fell 2.3% against their face value during trading on Tuesday. The high-yield issue of debt has a 8.5% coupon and is set to mature on April 15, 2020. The bonds in the issue are now trading at $85.25 and were trading at $90.88 one week ago. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.

A number of research analysts have commented on FTR shares. BidaskClub downgraded shares of Frontier Communications from a “buy” rating to a “hold” rating in a research note on Wednesday. Barclays started coverage on shares of Frontier Communications in a research note on Friday, December 15th. They set an “underweight” rating and a $7.00 price objective on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $8.00 price objective (down from $16.00) on shares of Frontier Communications in a research note on Monday, November 20th. Bank of America downgraded shares of Frontier Communications from a “neutral” rating to an “underperform” rating and set a $4.00 price objective on the stock. in a research note on Friday, November 10th. Finally, Gabelli downgraded shares of Frontier Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Six 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’s stock. The company has a consensus rating of “Hold” and an average target price of $9.30.

Frontier Communications Corporation (FTR) traded down $0.09 during mid-day trading on Thursday, hitting $7.25. 1,716,511 shares of the company were exchanged, compared to its average volume of 3,043,743. The company has a debt-to-equity ratio of 5.16, a quick ratio of 0.70 and a current ratio of 0.70. Frontier Communications Corporation has a 1-year low of $6.08 and a 1-year high of $57.30.

Frontier Communications (NASDAQ:FTR) last released its quarterly earnings data on Tuesday, October 31st. The utilities provider reported ($0.94) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.95) by $0.01. Frontier Communications had a negative net margin of 9.17% and a negative return on equity of 1.97%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the company earned ($0.64) EPS. The company’s revenue for the quarter was down 10.8% compared to the same quarter last year. research analysts forecast that Frontier Communications Corporation will post -4.17 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 33.09%. Frontier Communications’s dividend payout ratio (DPR) is presently -17.38%.

Several hedge funds have recently added to or reduced their stakes in the stock. FNY Partners Fund LP increased its stake in Frontier Communications by 900.0% during the 2nd quarter. FNY Partners Fund LP now owns 10,000 shares of the utilities provider’s stock valued at $174,000 after buying an additional 9,000 shares during the period. Quantbot Technologies LP acquired a new position in Frontier Communications during the 3rd quarter valued at about $124,000. Engineers Gate Manager LP acquired a new position in Frontier Communications during the 3rd quarter valued at about $138,000. Crossmark Global Holdings Inc. acquired a new position in Frontier Communications during the 3rd quarter valued at about $146,000. Finally, Virginia Retirement Systems ET AL acquired a new position in Frontier Communications during the 3rd quarter valued at about $174,000. 62.89% of the stock is currently owned by institutional investors and hedge funds.

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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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