Telecommunications is a great place to invest, as it usually comes with high monthly revenue per user and generous dividend yields. Some telecom stocks are stuck in penny stock territory, trading at less than $5 a share for numerous reasons. As companies grow their revenue and grow through acquisitions, many of the stocks rise out of the penny stock level or still provide great returns for investors. Here’s a look at four communications stocks trading for less than $5 a share as of early 2016.

1. Alaska Communications

With its long distance to the contiguous United States, Alaska makes infrastructure complicated. Luckily for Alaskan residents and investors, there is Alaska Communications Systems Group (NASDAQ: ALSK), the largest broadband provider in the state.

In the third quarter, Alaska Communications saw revenue increase slightly to $54.7 million and also saw EBITDA rise 14%. The company put tighter cost controls in place, along with a higher emphasis on broadband customers, to strengthen margins. The company’s voice segment comes with average revenue per user figures of $29.09 and $23.66 for consumers and businesses, respectively. The broadband side looks much better with average revenue figures of $59.16 and $218.54, respectively. Broadband revenue grew 7.6% in the quarter to $18.6 million.

In September, Alaska Communications made an important step toward the future and toward earning more respect from investors. The company refinanced $100 million in debt payments. This gives it a better financial outlook with no debt maturing before the year 2018. Shares of Alaska Communications have traded in a tight range of $1.51 to $2.58 over the last 52 weeks. This penny stock may be a great bet if it can keep the momentum coming in the broadband category.

2. Cincinnati Bell Inc.

A strong presence in the Cincinnati and Dayton areas gives Cincinnati Bell (NYSE: CBB) a large base of subscribers. The company reports more than 220,000 residential voice lines, 307,000 business lines and 281,000 Internet subscribers.

In November 2015, Cincinnati Bell reported strong third-quarter earnings that showed continued growth in new segments. The company reported strategic revenue of $138 million, an increase of 22%. Fioptics segment revenue grew 34% to $49 million. Total revenue for the third quarter was $300 million.

Cincinnati Bell continues to increase revenue and power its future with growth in fioptics and IT services. This is helping to set up the company for long-term success and also helps connect enterprise customers in the Ohio region.

Over the last 52 weeks, Cincinnati Bell shares have traded between $2.80 and $4.16. The company has a market capitalization just under $700 million. It hasn’t been that long since shares traded out of penny stock range. Back in 2013, Cincinnati Bell shares were above the $5 level.

3. Frontier Communications Corporation

One of the highest-yielding telecommunications stocks is Frontier Communications (NASDAQ: FTR). Frontier offers telecommunications service to 28 states and has been around since 1927. Frontier ended the third quarter with more than 3.1 million residential customers and nearly 300,000 business customers.

In the third quarter, Frontier added 27,200 net additions to its broadband business. This marked the 11th consecutive quarter of strong broadband net additions. Frontier gained residential broadband share in 75% of its markets through the first nine months of the year.

Residential customers are paying an average of $63.83 to Frontier Communications monthly. Business customers have average revenue per user of $693.58 monthly. This helps power the company’s strong revenue base. In the third quarter, total revenue was $1.42 billion.

Revenue is likely to rise soon as the company continues to integrate large acquisitions. The company acquired wireline assets from Verizon (NYSE: VZ) for the key states of California, Florida and Texas. This $10.5 billion deal is the largest Frontier Communications has ever done. Back in 2010, Frontier acquired rural assets in 14 states from Verizon. In 2014, the company acquired wireline assets in Connecticut from AT&T (NYSE: T). Frontier is betting big on being the leader in wireline communications across the country and is also expanding its broadband base in new territories to increase revenue.

Frontier Communications currently pays a quarterly dividend of 10.5 cents, up slightly from the 10 cents paid quarterly from 2012 to 2014. With its current share price, Frontier Communications has a dividend yield of more than 9%. In the third quarter, the payout was only 46% of net earnings, after stripping out acquisition-related costs. It appears Frontier plans to keep the high dividend payout going forward.

Frontier Communications is not often a penny stock. Shares have traded between $3.81 and $8.46 over the last 52 weeks, with shares often over the $5 level throughout the year. With its strong dividend yield and many long-term acquisitions, investors may come pouring back in at any moment.

4. Vonage Holding Corporation

Vonage (NYSE: VG) connects customers with its cloud communications business. Both consumers and businesses use the company’s technology to connect to mobile numbers and land lines all over the world.

In the third quarter, Vonage reported revenue of $223 million, which was ahead of consensus estimates. This marked the third consecutive quarter of revenue growth. As a result, the company raised its full-year targeted revenue to a range of $891 million to $895 million.

The Vonage business segment saw revenue grow more than 130% to $57 million in the quarter. Most of the gain was from acquiring iCore Networks in August. Organic growth for the segment was still up 36%.

Two other items have the potential to send Vonage shares much higher in 2016. The company has 98 patents and 245 pending applications, and Vonage is continually working on monetizing them. Vonage is also aggressively buying back shares of its own stock. The company has bought $148 million worth of its shares since 2012.

Vonage shares trade close to the border of penny stock range. Shares have traded between $4.17 and $7.42 over the last 52 weeks. The strong third quarter may be a sign of positive momentum going forward, which is likely to take shares out of penny stock range.

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