Frontline plc (NYSE:FRO) Receives Average Recommendation of “Buy” from Brokerages

Frontline plc (NYSE:FRO) has earned an average recommendation of “Buy” from the five ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $27.58.

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

Frontline Trading Up 0.1 %

FRO opened at $22.85 on Tuesday. Frontline has a 1-year low of $17.02 and a 1-year high of $29.39. The company has a market cap of $5.09 billion, a P/E ratio of 7.99 and a beta of 0.04. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The company’s 50 day moving average is $23.39 and its 200-day moving average is $24.43.

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

Frontline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 10.85%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

Hedge Funds Weigh In On Frontline

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Frontline by 5,319.5% during the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after purchasing an additional 5,195,312 shares during the last quarter. M&G Plc purchased a new stake in Frontline during the 1st quarter valued at $25,074,000. Forest Avenue Capital Management LP increased its position in shares of Frontline by 115.9% in the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock valued at $21,207,000 after acquiring an additional 567,900 shares during the period. Teachers Retirement System of The State of Kentucky bought a new position in Frontline during the 4th quarter valued at approximately $2,811,000. Finally, Hsbc Holdings PLC raised its holdings in shares of Frontline by 7.7% during the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock valued at $50,683,000 after acquiring an additional 138,011 shares in the last quarter. Hedge funds and other institutional investors 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.