Frontier Communications (FTR) Bond Prices Rise 1%

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An issue of Frontier Communications Corp (NASDAQ:FTR) debt rose 1% against its face value during trading on Wednesday. The debt issue has a 7.875% coupon and will mature on January 15, 2027. The bonds in the issue are now trading at $59.25. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price.

A number of research analysts have recently issued reports on the company. BidaskClub upgraded Frontier Communications from a “sell” rating to a “hold” rating in a report on Saturday, September 8th. Royal Bank of Canada reiterated a “hold” rating and issued a $6.00 price target on shares of Frontier Communications in a report on Friday, August 3rd. Zacks Investment Research downgraded Frontier Communications from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Guggenheim reiterated a “sell” rating and issued a $4.20 price target on shares of Frontier Communications in a report on Wednesday, August 1st. Finally, Cowen set a $6.00 price target on Frontier Communications and gave the company a “hold” rating in a report on Tuesday, July 31st. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $7.80.

FTR stock traded down $0.01 on Wednesday, hitting $6.45. 2,920,400 shares of the company’s stock were exchanged, compared to its average volume of 3,331,095. Frontier Communications Corp has a 12-month low of $4.52 and a 12-month high of $13.00. The company has a debt-to-equity ratio of 6.75, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market cap of $612.64 million, a price-to-earnings ratio of -1.72 and a beta of 0.61.

Frontier Communications (NASDAQ:FTR) last announced its earnings results on Tuesday, July 31st. The utilities provider reported ($0.80) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.83) by $0.03. Frontier Communications had a negative return on equity of 2.48% and a negative net margin of 12.06%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the business earned ($1.10) EPS. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. equities research analysts anticipate that Frontier Communications Corp will post -1.64 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. Swiss National Bank lifted its position in Frontier Communications by 4.5% during the 1st quarter. Swiss National Bank now owns 136,713 shares of the utilities provider’s stock worth $1,014,000 after acquiring an additional 5,900 shares during the period. Rhumbline Advisers lifted its position in Frontier Communications by 4.4% during the 1st quarter. Rhumbline Advisers now owns 197,793 shares of the utilities provider’s stock worth $1,468,000 after acquiring an additional 8,343 shares during the period. California State Teachers Retirement System lifted its position in Frontier Communications by 5.5% during the 1st quarter. California State Teachers Retirement System now owns 160,765 shares of the utilities provider’s stock worth $1,193,000 after acquiring an additional 8,365 shares during the period. Royal Bank of Canada lifted its position in Frontier Communications by 38.3% during the 1st quarter. Royal Bank of Canada now owns 32,309 shares of the utilities provider’s stock worth $239,000 after acquiring an additional 8,942 shares during the period. Finally, Millennium Management LLC lifted its position in Frontier Communications by 7.4% during the 1st quarter. Millennium Management LLC now owns 131,299 shares of the utilities provider’s stock worth $974,000 after acquiring an additional 9,006 shares during the period. Hedge funds and other institutional investors own 62.74% of the company’s stock.

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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