Frontline plc (NYSE:FRO) Receives $24.03 Consensus Target Price from Analysts

Shares of Frontline plc (NYSE:FRO) have received a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $24.03.

A number of equities research analysts have commented on the company. Jefferies Financial Group decreased their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report 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 report on Thursday, December 12th.

Frontline Stock Down 0.6 %

Shares of NYSE:FRO opened at $17.83 on Monday. The firm has a 50 day simple moving average of $15.80 and a 200 day simple moving average of $19.93. Frontline has a 52 week low of $13.17 and a 52 week high of $29.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market cap of $3.97 billion and a PE ratio of 7.28.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 previous year, the business posted $0.36 earnings per share. As a group, research analysts expect that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 7.63%. Frontline’s dividend payout ratio is 55.51%.

Institutional Trading of Frontline

A number of institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its holdings in shares of Frontline by 1,326.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock valued at $12,053,000 after purchasing an additional 490,486 shares in the last quarter. M&G PLC increased its position in Frontline by 27.2% during the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock worth $25,164,000 after buying an additional 237,446 shares during the last quarter. Point72 Europe London LLP bought a new position in Frontline during the third quarter valued at about $3,219,000. Cinctive Capital Management LP lifted its position in shares of 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. Finally, GSA Capital Partners LLP bought a new stake in shares of Frontline during the 3rd quarter worth about $1,077,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.