Frontier Communications (FTR) Bond Prices Fall 1.2%

An issue of Frontier Communications (NASDAQ:FTR) bonds fell 1.2% against their face value during trading on Monday. The high-yield issue of debt has a 7.625% coupon and is set to mature on April 15, 2024. The debt is now trading at $69.03 and was trading at $72.00 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

A number of research firms have commented on FTR. BidaskClub raised shares of Frontier Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 12th. Barclays reaffirmed a “sell” rating on shares of Frontier Communications in a report on Thursday, May 3rd. Guggenheim began coverage on shares of Frontier Communications in a report on Tuesday, March 13th. They issued a “sell” rating and a $6.00 price objective for the company. Vetr raised shares of Frontier Communications from a “hold” rating to a “buy” rating and set a $9.22 price objective for the company in a report on Wednesday, February 21st. Finally, Morgan Stanley decreased their price objective on shares of Frontier Communications from $16.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, March 19th. Seven equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $10.73.

Shares of Frontier Communications traded down $1.16, reaching $8.36, during midday trading on Wednesday, according to MarketBeat. 6,343,581 shares of the company traded hands, compared to its average volume of 3,208,979. Frontier Communications has a 52 week low of $6.08 and a 52 week high of $21.30. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 6.87. The stock has a market cap of $769.33 million, a P/E ratio of -2.21 and a beta of 0.63.

Frontier Communications (NASDAQ:FTR) last issued its quarterly earnings data on Tuesday, May 1st. The utilities provider reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.83) by $0.25. Frontier Communications had a negative net margin of 19.05% and a negative return on equity of 3.06%. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the business earned ($0.11) earnings per share. The company’s revenue was down 6.7% on a year-over-year basis. sell-side analysts anticipate that Frontier Communications will post -2.24 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of FTR. State of Alaska Department of Revenue bought a new stake in Frontier Communications in the fourth quarter worth about $105,000. Nomura Asset Management Co. Ltd. bought a new stake in Frontier Communications in the first quarter worth about $114,000. Sciencast Management LP bought a new stake in Frontier Communications in the fourth quarter worth about $115,000. Edgestream Partners L.P. bought a new stake in Frontier Communications in the fourth quarter worth about $117,000. Finally, Xact Kapitalforvaltning AB bought a new stake in Frontier Communications in the first quarter worth about $119,000. Hedge funds and other institutional investors own 65.76% of the company’s stock.

About Frontier Communications

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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