Brokerages Set Frontline PLC (NYSE:FRO) PT at $20.62

Shares of Frontline PLC (NYSE:FRO) have been assigned an average recommendation of “Moderate Buy” from the five analysts that are covering the firm, Marketbeat Ratings reports. One 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 12-month price objective among brokers that have issued a report on the stock in the last year is $20.62.

A number of brokerages have recently commented on FRO. Wall Street Zen cut Frontline from a “hold” rating to a “sell” rating in a report on Sunday, July 6th. Evercore ISI lowered their price target on Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd.

Frontline Trading Up 2.1%

Frontline stock opened at $18.81 on Friday. The firm has a 50 day moving average of $18.25 and a 200 day moving average of $17.02. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 12.06 and a beta of 0.22. Frontline has a 12-month low of $12.40 and a 12-month high of $25.68. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. Frontline had a return on equity of 12.67% and a net margin of 17.67%. The firm’s quarterly revenue was down 26.0% on a year-over-year basis. During the same quarter last year, the company earned $0.62 EPS. As a group, research analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

The firm also recently announced a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were given a dividend of $0.18 per share. This represents a yield of 397.0%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline’s dividend payout ratio is currently 46.15%.

Institutional Trading of Frontline

Several large investors have recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new stake in Frontline during the first quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Frontline during the second quarter worth about $33,000. Bayforest Capital Ltd acquired a new stake in Frontline during the first quarter worth about $34,000. Signaturefd LLC grew its holdings in Frontline by 59.3% during the first 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 period. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Frontline by 3,353.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,627 shares of the shipping company’s stock worth $76,000 after acquiring an additional 4,493 shares during the period. Hedge funds and other institutional investors 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.