Frontline plc (NYSE:FRO) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Frontline plc (NYSE:FRO) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $24.03.

Several brokerages have recently issued reports on FRO. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research report on Thursday, December 12th. Finally, 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.

Frontline Trading Down 0.3 %

Shares of NYSE FRO opened at $15.85 on Thursday. Frontline has a 1-year low of $13.17 and a 1-year high of $29.39. The company has a 50-day moving average of $16.51 and a two-hundred day moving average of $21.01. The company has a market cap of $3.53 billion, a PE ratio of 6.47 and a beta of 0.01. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

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

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were issued a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 8.58%. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

Hedge Funds Weigh In On Frontline

Several institutional investors and hedge funds have recently made changes to their positions in FRO. Range Financial Group LLC bought a new position in Frontline during the fourth quarter worth about $579,000. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Frontline by 3.8% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after purchasing an additional 5,200 shares in the last quarter. Vestcor Inc acquired a new position in shares of Frontline in the 3rd quarter valued at approximately $255,000. Public Employees Retirement System of Ohio acquired a new position in shares of Frontline in the 3rd quarter valued at approximately $998,000. Finally, IHT Wealth Management LLC increased its stake in Frontline by 3.5% during the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

About Frontline

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.