Frontline PLC (NYSE:FRO) Receives $21.87 Consensus Target Price from Analysts

Frontline PLC (NYSE:FRO) has received a consensus rating of “Hold” from the five ratings firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $21.8725.

FRO has been the subject of a number of research analyst reports. BTIG Research increased their price target on shares of Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Jefferies Financial Group reissued a “buy” rating and issued a $25.00 price target on shares of Frontline in a research report on Friday, August 29th. Wall Street Zen raised shares of Frontline from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Frontline in a research report on Wednesday, October 8th.

Hedge Funds Weigh In On Frontline

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRO. Financial Gravity Companies Inc. bought a new position in Frontline during the second quarter valued at approximately $25,000. SVB Wealth LLC bought a new position in shares of Frontline in the first quarter valued at approximately $32,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Frontline in the second quarter valued at approximately $33,000. Bayforest Capital Ltd bought a new position in shares of Frontline in the first quarter valued at approximately $34,000. Finally, Signaturefd LLC raised its position in shares of Frontline by 59.3% in the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock valued at $39,000 after purchasing an additional 989 shares during the period. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

NYSE FRO opened at $23.38 on Wednesday. The company has a 50 day simple moving average of $21.84 and a 200-day simple moving average of $18.95. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.88 and a quick ratio of 1.88. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 21.85 and a beta of 0.20. Frontline has a 52-week low of $12.40 and a 52-week high of $24.27.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $282.95 million during the quarter, compared to analysts’ expectations of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.Frontline’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period last year, the company earned $0.62 earnings per share. Equities research analysts predict that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 24th. Investors of record on Friday, September 12th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend was Friday, September 12th. Frontline’s dividend payout ratio (DPR) is presently 134.58%.

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.