Frontline plc (NYSE:FRO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Frontline plc (NYSE:FRO) have been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $24.03.

FRO has been the subject of several recent research reports. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a report on Thursday, December 12th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, October 7th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Jefferies Financial Group reduced their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th.

Frontline Stock Performance

Shares of Frontline stock opened at $15.85 on Thursday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 6.47 and a beta of 0.01. The stock’s 50-day moving average is $16.51 and its 200-day moving average is $21.01. Frontline has a one year low of $13.17 and a one year high of $29.39.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same period in the prior year, the firm posted $0.36 earnings per share. Equities analysts predict that Frontline will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 8.58%. The ex-dividend date was Wednesday, December 11th. Frontline’s payout ratio is currently 55.51%.

Hedge Funds Weigh In On Frontline

A number of institutional investors have recently bought and sold shares of FRO. Commonwealth Equity Services LLC boosted its stake in shares of Frontline by 234.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 35,116 shares of the shipping company’s stock worth $905,000 after acquiring an additional 24,620 shares during the period. TD Asset Management Inc increased its holdings in shares of Frontline by 9.7% in the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock valued at $258,000 after purchasing an additional 871 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of Frontline in the second quarter valued at about $31,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Frontline by 6.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 116,988 shares of the shipping company’s stock worth $3,118,000 after buying an additional 6,933 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in shares of Frontline by 7.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after buying an additional 138,011 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

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.