An issue of Frontier Communications (NASDAQ:FTR) bonds fell 1.8% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 10.5% coupon and will mature on September 15, 2022. The debt is now trading at $89.70 and was trading at $91.50 one week ago. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.
A number of equities research analysts have commented on FTR shares. Vetr cut shares of Frontier Communications from a “strong-buy” rating to a “buy” rating and set a $9.22 target price on the stock. in a research note on Monday, January 29th. BidaskClub cut shares of Frontier Communications from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 9th. Jefferies Group cut shares of Frontier Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, February 28th. Citigroup cut shares of Frontier Communications from a “neutral” rating to a “sell” rating and set a $13.75 price objective on the stock. in a research report on Wednesday, May 9th. Finally, Guggenheim reiterated a “sell” rating and set a $6.00 price objective on shares of Frontier Communications in a research report on Tuesday, May 8th. Seven research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. Frontier Communications presently has a consensus rating of “Hold” and an average target price of $10.73.
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Shares of Frontier Communications traded down $1.16, reaching $8.36, on Wednesday, MarketBeat.com reports. The company’s stock had a trading volume of 6,343,581 shares, 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 debt-to-equity ratio of 6.87, a quick ratio of 0.45 and a current ratio of 0.45. The firm has a market cap of $769.33 million, a PE ratio of -2.21 and a beta of 0.63.
Frontier Communications (NASDAQ:FTR) last posted its earnings results 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 firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the firm posted ($0.11) earnings per share. Frontier Communications’s revenue for the quarter was down 6.7% compared to the same quarter last year. equities analysts predict that Frontier Communications will post -2.24 EPS for the current year.
Several hedge funds have recently bought and sold shares of FTR. Bank of New York Mellon Corp grew its holdings in shares of Frontier Communications by 34.5% in the fourth quarter. Bank of New York Mellon Corp now owns 2,763,908 shares of the utilities provider’s stock valued at $18,684,000 after purchasing an additional 708,309 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Frontier Communications during the fourth quarter worth $3,817,000. Envestnet Asset Management Inc. boosted its stake in Frontier Communications by 60,062.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 487,917 shares of the utilities provider’s stock worth $3,298,000 after buying an additional 487,106 shares during the period. Spark Investment Management LLC purchased a new position in Frontier Communications during the fourth quarter worth $2,415,000. Finally, Virtu Financial LLC purchased a new position in Frontier Communications during the fourth quarter worth $2,393,000. 65.76% of the stock is 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.