Frontline (NYSE:FRO) Shares Gap Up After Dividend Announcement

Shares of Frontline plc (NYSE:FRO) gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $17.99, but opened at $18.52. Frontline shares last traded at $18.59, with a volume of 509,668 shares changing hands.

The newly announced dividend which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 17.41%. This is an increase from Frontline’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Thursday, September 14th. Frontline’s dividend payout ratio (DPR) is 96.55%.

Wall Street Analyst Weigh In

FRO has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “hold” rating and set a $17.00 price target on shares of Frontline in a research note on Thursday. JPMorgan Chase & Co. began coverage on shares of Frontline in a report on Tuesday, August 15th. They set a “neutral” rating and a $20.00 target price for the company. Deutsche Bank Aktiengesellschaft downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a report on Friday. Finally, StockNews.com upgraded shares of Frontline from a “sell” rating to a “hold” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Frontline currently has an average rating of “Hold” and a consensus target price of $18.00.

Frontline Trading Up 2.2 %

The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.91. The firm’s 50 day simple moving average is $16.00 and its two-hundred day simple moving average is $15.97. The stock has a market cap of $4.09 billion, a P/E ratio of 6.34 and a beta of 0.24.

Frontline (NYSE:FRO) last released its quarterly earnings results on Wednesday, August 23rd. The shipping company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.84 by $0.10. The business had revenue of $522.15 million during the quarter, compared to analyst estimates of $353.46 million. Frontline had a net margin of 37.18% and a return on equity of 25.39%. During the same quarter in the prior year, the firm earned $0.21 earnings per share. As a group, equities research analysts predict that Frontline plc will post 3.04 earnings per share for the current fiscal year.

Institutional Trading of Frontline

A number of large investors have recently added to or reduced their stakes in FRO. Godsey & Gibb Inc. purchased a new stake in Frontline in the 1st quarter worth approximately $25,000. Harbour Investments Inc. bought a new position in Frontline in the 1st quarter worth $26,000. State of Wyoming acquired a new stake in Frontline in the 4th quarter worth $28,000. PNC Financial Services Group Inc. boosted its position in shares of Frontline by 71.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,999 shares of the shipping company’s stock valued at $29,000 after acquiring an additional 836 shares in the last quarter. Finally, Optiver Holding B.V. acquired a new stake in shares of Frontline during the 4th quarter valued at about $39,000. 33.86% of the stock is currently owned by institutional investors.

About Frontline

Frontline Plc is an international shipping company, which engages in the ownership and operation of oil and product tankers. It also offers the seaborne transportation of crude oil and oil products. The company was founded in 1985 and is headquartered in Limmasol, Cyprus.