NEW YORK (TheStreet) -- Verizon Communications (VZ) - Get Report stock is increasing by 0.91% to $44.25 in afternoon trading on Thursday, after the company announced it will increase the monthly unlimited data plan by $20 on November 15, CNBC.com reports.

The hike only affects users who have had their unlimited data plan, which will now cost $49.99 a month, transferred from previous contracts, but not those who are currently in the middle of a two-year contract.

"These changes will allow Verizon to continue to maintain the highest standards of network performance for all our customers," the company said in a statement obtained by CNBC.com.

"Most of our customers [99%] are not on unlimited data plans," the company added, CNBC.com noted.

New York-based Verizon is a provider of communication and entertainment products.

Separately, TheStreet Ratings team rates VERIZON COMMUNICATIONS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate VERIZON COMMUNICATIONS INC (VZ) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, expanding profit margins and growth in earnings per share. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

Highlights from the analysis by TheStreet Ratings Team goes as follows: