|Bid||1.6600 x 28000|
|Ask||1.8000 x 2900|
|Day's Range||1.6700 - 1.7300|
|52 Week Range||1.2100 - 7.2500|
|Beta (3Y Monthly)||2.11|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 6, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.78|
Frontier Communications Corporation plans to release second quarter 2019 results on Tuesday, August 6, 2019, after the market closes, and to host a conference call that afternoon at 4:30 P.M.
If you're interested in Frontier Communications Corporation (NASDAQ:FTR), then you might want to consider its beta (a...
AT&T (T) has been sued in California on accusations that it secretly overcharges its wireless customers in an attempt to fatten its bottom line.
Today's rating action is a result of the change in the rating of 7.05% Debentures due October 01, 2046 issued by Frontier Communications Corporation ("Underlying Securities") which was downgraded to Caa2 on June 26, 2019. The transaction is a structured note whose rating is based on the rating of the Underlying Securities and the legal structure of the transaction.
Frontier Communications Corporation (“Frontier”) (FTR) announced today that its Board of Directors adopted a shareholder rights plan designed to protect the availability of Frontier’s net operating loss carryforwards (“NOLs”) under the Internal Revenue Code ("Section 382 Rights Plan"). As of December 31, 2018, Frontier had U.S. federal NOLs of approximately $2.4 billion available to offset its future federal taxable income. Frontier’s ability to use these NOLs would be substantially limited if it experienced an “ownership change” within the meaning of Section 382 of the Internal Revenue Code.
The 700+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive […]
On June 24, Frontier Communications (FTR) stock closed the trading day at $1.43. On the downside, the company’s immediate support lies near $1.36. Frontier Communications’ 14-day relative strength index score was 35.
On June 21, Frontier Communications (FTR) had a trailing 12-month EV-to-EBITDA multiple of 4.94x. As of June 21, Frontier Communications had a market capitalization of $0.15 billion.
According to analysts’ consensus, Frontier Communications (FTR) stock has a mean target price of $2.14 and a current market price of $1.39—an upside potential of 54.0% in the next 12 months.
On June 21, Frontier Communications’ (FTR) closing price was $1.39 per share. Based on the closing price, Frontier Communications has a market capitalization of $0.15 billion.
In the first quarter, Frontier Communications (FTR) reported an adjusted net income and EPS of -$19 million and -$0.18, respectively—compared to -$45 million and -$0.58 in the first quarter of 2018.
In the first quarter, Frontier Communications reported net revenues of $2.10 billion—a fall of 4.5% on a year-over-year basis. Frontier Communications missed analysts’ consensus revenue expectation.
On June 21, CenturyLink stock closed the trading day at $11.34. On the downside, the company’s immediate support lies near $11.26, while $11.42 could act as an immediate resistance level on a daily basis.
According to analysts’ consensus, CenturyLink (CTL) stock has a mean target price of $12.77 and a current market price of $11.35, which suggests an upside potential of 12.5% in the next 12 months.
On June 20, CenturyLink was trading at a 12-month forward PE ratio of 8.60x. Charter Communications and Comcast’s 12-month forward PE ratios were 38.15x and 13.65x, respectively.
(Bloomberg) -- Aurelius Capital Management LP is calling for Frontier Communications Corp. to pursue an out-of-court debt exchange and says there’s no “defensible basis” for the company to file for Chapter 11 bankruptcy before trying its proposal. Frontier’s stock and bonds rose.Mark Brodsky’s hedge fund holds Frontier shares, a “substantial amount” of some Frontier notes, and a long position in Frontier’s debts through credit default swaps, according to a June 19 letter to Frontier’s board. The debt holdings include so-called non-CTF unsecured bonds due in 2022 and 2023. Aurelius isn’t a member of any ad hoc bondholder group, according to the letter, which was signed by Managing Director Dennis Prieto.Aurelius’s recommendations “provide a road map for the board to create substantial value for Frontier’s shareholders, both through de-levering and by increasing the option value inherent in the stock,” the letter said. “In contrast, a near-term Chapter 11 would result in a wipe-out for shareholders.”A representative for Frontier declined to comment. The company’s shares rose as much as 23% and its 7.125% notes due in January 2023 gained 1.5 cents on the dollar to 61.5 cents.Click here to see a copy of the Aurelius letterFrontier creditors have been calling for the telecommunications company to engage in negotiations to address its $17 billion of debt. The company recently appointed new board members with turnaround experience, and agreed to a $1.4 billion asset sale. Some bondholders have called for an out-of-court transaction amid speculation that the company might seek Chapter 11 protection.Aurelius said the company should exchange or tender for $3.5 billion of CTF and non-CTF bonds maturing in 2022 and 2023 and 51% of the CTF bonds due in 2025, with the 2022 and 2025 CTF notes amending their lien covenant as part of the transaction. Participating holders would receive new secured debt and possibly cash, having a value about 10% above current market prices.Debt ImpactThe suggested transaction would allow Frontier to extend its debt, reduce net borrowings by more than $1.5 billion and generate $200 million in annual interest expense savings, Aurelius said. Leverage would be cut from 4.74 times to 4.26 times a key measure of earnings, according to the letter. It would also free up cash flow and enhance the company’s ability to deleverage further, such as by purchasing more long-dated unsecured bonds.Frontier’s debt situation is also fundamentally different than what happened to Windstream Holdings Inc. -- which filed for bankruptcy after Aurelius alleged a debt default -- because that case turned on Windstream violating the plain language of its covenants, according to the letter.“Respectfully, the Windstream decision should play no role in your decision regarding Frontier’s capital structure,” Aurelius said. A Windstream representative declined to comment.The company shouldn’t seek to pursue an out-of-court comprehensive restructuring of its unsecured bonds, as some holders of back-end bonds have sought, because it is a “mirage” that will “immutably and swiftly” lead to Frontier filing for bankruptcy, Aurelius said.Even if Aurelius’s proposal fails, “Chapter 11 will be no less available than it is today,” the hedge fund said. “Indeed, the threat of Chapter 11 should put the company in a strong position in negotiations with holders of near-dated bonds regarding the exchange/tender offer.”(Updates shares and bonds in the fourth paragraph and adds Chapter 11 comment in the last.)\--With assistance from Bill Haubert.To contact the reporter on this story: Allison McNeely in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Frontier Communications (FTR) has continued to burn investors' wealth. The stock has fallen close to 25.5% since the beginning of June. On June 17, Frontier Communications closed at $1.40.
(Bloomberg) -- Talks are heating up between Frontier Communications Corp. and its creditors over a potential restructuring of its $17 billion debt load.Advisers for three groups of creditors have held informal discussions with Frontier ahead of $2.7 billion of debt maturities in 2022, according to people with knowledge of the matter. Those notes trade at deeply distressed levels, and the company has signaled it may be ready for a more official process by adding board members with turnaround experience.No formal proposals have been submitted so far, and Frontier hasn’t indicated what it plans to do yet, said the people, who asked not to be identified because the talks are private.A group including Elliott Management Corp., Apollo Global Management LLC, Franklin Resources Inc. and Capital Group Cos. had proposed swapping their unsecured debt into new secured notes in an out-of-court transaction, with some members also favoring a Chapter 11 bankruptcy filing, the people said. The other creditor groups prefer a bankruptcy filing, in part to avoid seeing their holdings pushed down in priority through a debt swap, according to the people.The group including Elliott, Apollo, Franklin and Capital Group holds about 60% of so-called CTF unsecured bonds maturing in 2022 and 2025, according to some of the people. Some creditors in that group are believed by market participants to have sold credit-default swaps insuring against a Frontier default. That would skew their interests against a Chapter 11 filing. A second group of creditors holds “legacy,” or non-CTF, bonds, and a third group of creditors owns a mix of CTF and legacy bonds, the people said.A spokesman for Norwalk, Connecticut-based Frontier declined to comment. Representatives for Elliott, Apollo and Franklin declined to comment, while a spokesman for Capital Group didn’t immediately respond to a request for comment.Frontier shares fell as much as 13%, and traded down 5 cents at $1.47 a share as of 1:27 p.m. in New York. They’re down more than 37% this year.Still TimeFrontier still has time to negotiate with creditors and it also will benefit from a recent $1.4 billion asset sale, which gives it cash to address small short-term maturities. The company has publicly said that it will be able to stabilize its wireline business through cost cutting while retaining customers in its broadband internet unit. It also generates positive free cash flow.The CTF notes are trading at levels indicating a higher likelihood of default, with the 2022 securities yielding about 26% on Friday. Credit-default swaps are pricing in a 90% chance of default within five years, according to data from CMA.Frontier fed speculation that it may be willing to consider reworking its debt or a Chapter 11 filing after the addition of new directors with substantial restructuring experience, including Mohsin Y. Meghji, founder of M-III Partners, who currently serves as chief restructuring officer of Sears Holdings Corp. Those directors joined the board after Robert A. Schriesheim was added in December. Schriesheim’s biography cites his former role in raising capital for Sears and current post on the board of Houlihan Lokey Inc., which specializes in turnarounds.Revenue and profit are dropping in Frontier’s traditional wireline telephone business as more customers defect to wireless services, and its broadband internet unit faces steep competition from cable companies. Frontier ranks as the biggest issuer among deeply distressed-debt borrowers -- those with yields topping 20% -- despite efforts by Chief Executive Officer Dan McCarthy to turn around the business.The CTF moniker stems from bonds Frontier issued after its $10.5 billion purchase of California, Texas and Florida systems from Verizon Communications Inc. in a deal that McCarthy said in 2015 would boost revenue and free cash flow, as well as help retain customers. Instead the CTF bonds, which make up the bulk of Frontier’s $2.7 billion 2022 maturity wall, pushed up leverage and failed to halt the company’s decline.“They’ve been lucky enough to put off the day of reckoning as a result of the asset sale, but they haven’t been able to fix the business, which is still extremely over-leveraged,” said George Schultze, founder and CEO of Schultze Asset Management in New York. He has a short position on Frontier stock.Frontier is getting advice from Kirkland & Ellis and Evercore, according to the people. The CTF bondholder group, which includes its 10.5% notes due 2022 and 11% notes due 2025, are working with Akin Gump and Ducera. A crossover group holding legacy and CTF bonds has tapped Milbank and PJT Partners, and a group holding mostly legacy notes, which includes GoldenTree Asset Management LP, is getting advice from Willkie Farr & Gallagher and Houlihan Lokey, the people said.Representatives for those firms declined to comment or didn’t respond to messages.Frontier’s board is wary of a restructuring transaction that might trigger litigation from creditors, such as a debt swap that leaves certain holders out, the people said. Distressed investor Jason Mudrick said on Bloomberg TV that Frontier had been exploring a transaction that would have rolled up the nearest maturities into the senior paper, but decided to do a more comprehensive restructuring because of what happened to Windstream Holdings Inc.Its wireline peer collapsed into bankruptcy this year after losing a litigation fight against Aurelius Capital Management LP tied to a spinoff and subsequent bond swaps. Mudrick has a short position on Frontier.A key question facing creditors is how much capacity Frontier has to issue new secured debt, which could be used to swap and extend existing unsecured debt, a transaction that could shore up its solvency. Under the investment grade-style bond covenants governing its legacy bonds, Frontier may have as much as $12 billion of secured debt capacity, according to Covenant Review.S&P Global Ratings, which rates Frontier at CCC+ with a negative outlook, said the company’s recent asset sale is positive but doesn’t really change the overall picture.“The longer-term trajectory of the business would suggest that eventually it would have to file for Chapter 11, but they could do a series of debt exchanges in the near term,” S&P analyst Allyn Arden said.(Adds share reaction in the seventh paragraph.)\--With assistance from Claire Boston.To contact the reporters on this story: Allison McNeely in New York at email@example.com;Katherine Doherty in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
As of June 11, among the 11 analysts tracking Frontier Communications (FTR) stock, four recommend a “hold,” while seven recommend a “sell.” None of the analysts recommended a “buy.”
Year-to-date, Frontier stock has fallen 29.0%. The stock has generated a return of -18.8% in the last month and -77.1% in the last 12 months. However, analysts’ consensus estimates show that the stock could rise ~34.9% over the next 12 months.
Frontier Communications Corp NASDAQ/NGS:FTRView full report here! Summary * Perception of the company's creditworthiness is negative and weakening * ETFs holding this stock have seen outflows over the last one-month * Bearish sentiment is high * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | NegativeShort interest is extremely high for FTR with more than 20% of shares on loan. This means that investors who seek to profit from falling equity prices are currently targeting FTR. Money flowETF/Index ownership | NegativeETF activity is negative. Over the last one-month, outflows of investor capital in ETFs holding FTR totaled $6.83 billion. Additionally, the rate of outflows appears to be accelerating. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Telecommunications Services sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swap | NegativeThe current level displays a negative indicator with a weakening bias over the past 1-month. FTR credit default swap spreads are rising towards their highest levels for the past 1 year, which indicates the market's more negative perception of the company's credit worthiness.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Frontier Communications Corporation announced today that Sheldon Bruha has been named permanent Chief Financial Officer, effective June 3, 2019. Mr. Bruha joined Frontier in February 2018 as Senior Vice President and Treasurer and had been serving as interim Chief Financial Officer since September 1, 2018.