Frontline plc (NYSE:FRO) Receives $28.06 Average PT from Analysts

Shares of Frontline plc (NYSE:FRO) have received a consensus recommendation of “Buy” from the six research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $28.06.

Several brokerages have recently issued reports on FRO. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 target price on shares of Frontline in a research note on Friday, August 30th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Monday, October 7th. Evercore ISI dropped their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Finally, StockNews.com upgraded shares of Frontline to a “sell” rating in a research report on Thursday, September 5th.

Institutional Trading of Frontline

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRO. Mirae Asset Global Investments Co. Ltd. acquired a new position in Frontline in the first quarter valued at approximately $1,452,000. Edge Capital Group LLC lifted its position in Frontline by 31.8% during the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock worth $10,641,000 after acquiring an additional 99,765 shares during the period. M&G Plc purchased a new position in Frontline in the 1st quarter valued at $25,074,000. Quantbot Technologies LP boosted its holdings in shares of Frontline by 184.8% in the first quarter. Quantbot Technologies LP now owns 95,861 shares of the shipping company’s stock valued at $2,241,000 after acquiring an additional 62,206 shares in the last quarter. Finally, FCG Investment Co purchased a new stake in Frontline in the 3rd quarter valued at approximately $823,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

NYSE FRO opened at $19.37 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The company has a market cap of $4.31 billion, a PE ratio of 6.77 and a beta of 0.04. Frontline has a 52 week low of $18.34 and a 52 week high of $29.39. The firm’s 50-day simple moving average is $22.73 and its two-hundred day simple moving average is $24.26.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The business had revenue of $409.72 million during the quarter, compared to analysts’ expectations of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period last year, the company posted $0.94 EPS. Research analysts predict that Frontline will post 2.62 earnings per share for the current year.

Frontline Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.62 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 12.80%. Frontline’s dividend payout ratio (DPR) is 86.71%.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.