Frontline’s (FRO) “Buy” Rating Reiterated at Jefferies Financial Group

Jefferies Financial Group reiterated their buy rating on shares of Frontline (NYSE:FRO) in a research report released on Wednesday,Benzinga reports. They currently have a $26.00 price target on the shipping company’s stock.

FRO has been the topic of several other research reports. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, October 7th. StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. Finally, Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $27.26.

Frontline Trading Down 3.6 %

NYSE:FRO opened at $16.18 on Wednesday. Frontline has a 12 month low of $16.10 and a 12 month high of $29.39. 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 stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 6.60 and a beta of 0.06. The firm has a fifty day simple moving average of $20.91 and a two-hundred day simple moving average of $23.46.

Frontline (NYSE:FRO) last issued its earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 25.64% and a return on equity of 19.23%. During the same period in the previous year, the firm earned $0.94 earnings per share. Analysts expect that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 8.41%. Frontline’s dividend payout ratio is currently 55.51%.

Institutional Trading of Frontline

Hedge funds have recently bought and sold shares of the business. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock worth $3,279,000 after buying an additional 5,200 shares during the last quarter. Vestcor Inc bought a new stake in shares of Frontline in the 3rd quarter worth approximately $255,000. Public Employees Retirement System of Ohio purchased a new position in Frontline in the third quarter valued at approximately $998,000. IHT Wealth Management LLC grew its holdings in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after purchasing an additional 535 shares during the period. Finally, Cinctive Capital Management LP increased its position in Frontline by 120.8% in the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock worth $2,389,000 after buying an additional 57,206 shares during the last quarter. 22.70% of the stock is currently owned by institutional investors.

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.