Frontier Communications (FTR) Bond Prices Fall 1.8%

An issue of Frontier Communications (NASDAQ:FTR) debt fell 1.8% against its face value during trading on Wednesday. The high-yield debt issue has a 10.5% coupon and will mature on September 15, 2022. The bonds in the issue are now trading at $89.70 and were trading at $91.50 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.

Several research analysts recently issued reports on the stock. Citigroup lowered shares of Frontier Communications from a “neutral” rating to a “sell” rating and set a $13.75 price target for the company. in a research note on Wednesday, May 9th. Guggenheim reiterated a “sell” rating and issued a $6.00 price target on shares of Frontier Communications in a research note on Tuesday, May 8th. BidaskClub upgraded shares of Frontier Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, February 28th. Jefferies Group lowered shares of Frontier Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. Finally, Vetr lowered shares of Frontier Communications from a “strong-buy” rating to a “buy” rating and set a $9.22 price target for the company. in a research note on Monday, January 29th. Seven equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Frontier Communications presently has an average rating of “Hold” and an average target price of $10.73.

FTR stock traded down $1.16 during trading on Wednesday, hitting $8.36. 6,343,581 shares of the stock traded hands, compared to its average volume of 3,208,979. Frontier Communications has a 1 year low of $6.08 and a 1 year high of $21.30. The company has a market capitalization of $769.33 million, a price-to-earnings ratio of -2.21 and a beta of 0.63. The company has a debt-to-equity ratio of 6.87, a quick ratio of 0.45 and a current ratio of 0.45.

Frontier Communications (NASDAQ:FTR) last announced its quarterly earnings results on Tuesday, May 1st. The utilities provider reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.83) by $0.25. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. Frontier Communications had a negative net margin of 19.05% and a negative return on equity of 3.06%. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.11) EPS. research analysts predict that Frontier Communications will post -2.24 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allianz Asset Management GmbH boosted its holdings in shares of Frontier Communications by 61.7% in the first quarter. Allianz Asset Management GmbH now owns 137,726 shares of the utilities provider’s stock worth $1,022,000 after buying an additional 52,531 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Frontier Communications by 2.2% in the first quarter. Principal Financial Group Inc. now owns 612,090 shares of the utilities provider’s stock worth $4,541,000 after buying an additional 13,460 shares during the last quarter. Xact Kapitalforvaltning AB purchased a new position in shares of Frontier Communications in the first quarter worth approximately $119,000. Royal Bank of Canada boosted its holdings in shares of Frontier Communications by 38.3% in the first quarter. Royal Bank of Canada now owns 32,309 shares of the utilities provider’s stock worth $239,000 after buying an additional 8,942 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Frontier Communications by 13.1% in the first quarter. Legal & General Group Plc now owns 497,551 shares of the utilities provider’s stock worth $3,681,000 after buying an additional 57,679 shares during the last quarter. 65.76% of the stock is currently owned by hedge funds and other institutional investors.

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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