Frontline plc (NYSE:FRO) Receives $20.62 Average Price Target from Brokerages

Shares of Frontline plc (NYSE:FRO) have been assigned an average recommendation of “Moderate Buy” from the five analysts that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $20.62.

Several equities analysts recently commented on the stock. Evercore ISI reduced their target price on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a report on Thursday, March 27th.

Institutional Investors Weigh In On Frontline

Large investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp bought a new stake in Frontline in the 4th quarter worth $31,000. SVB Wealth LLC bought a new stake in Frontline in the 1st quarter worth $32,000. Bayforest Capital Ltd bought a new stake in Frontline in the 1st quarter worth $34,000. Signaturefd LLC grew its holdings in Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock worth $39,000 after acquiring an additional 989 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Frontline in the 4th quarter worth about $84,000. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of NYSE:FRO opened at $18.00 on Friday. The company’s fifty day moving average price is $15.92 and its 200-day moving average price is $16.40. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 7.35 and a beta of 0.24. Frontline has a one year low of $12.40 and a one year high of $29.39. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, equities research analysts anticipate that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend was Friday, March 14th. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

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.