Frontline PLC (NYSE:FRO) Receives $38.00 Average PT from Brokerages

Frontline PLC (NYSE:FRO) has earned an average rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $38.00.

Several equities research analysts have commented on the company. Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a research note on Monday, January 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Frontline in a report on Friday, March 27th. Dnb Carnegie downgraded Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Wall Street Zen raised Frontline from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Finally, Piper Sandler downgraded Frontline to a “neutral” rating in a report on Friday, February 27th.

Frontline Stock Performance

NYSE FRO opened at $34.39 on Wednesday. The business’s 50-day moving average price is $33.41 and its 200 day moving average price is $27.13. Frontline has a twelve month low of $14.46 and a twelve month high of $39.89. The company has a market capitalization of $7.66 billion, a PE ratio of 20.23 and a beta of 0.05. The company has a current ratio of 1.43, a quick ratio of 1.19 and a debt-to-equity ratio of 1.09.

Frontline (NYSE:FRO) last released its earnings results on Saturday, February 28th. The shipping company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.10). The business had revenue of $624.51 million for the quarter, compared to analysts’ expectations of $456.90 million. Frontline had a return on equity of 16.51% and a net margin of 19.31%.The business’s quarterly revenue was up 46.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.20 earnings per share. On average, research analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 12th were issued a $1.03 dividend. This is a positive change from Frontline’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $4.12 annualized dividend and a dividend yield of 12.0%. Frontline’s dividend payout ratio (DPR) is 242.35%.

Institutional Trading of Frontline

Large investors have recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline in the 4th quarter valued at approximately $25,000. Sunbelt Securities Inc. acquired a new position in shares of Frontline during the 3rd quarter valued at $41,000. Sound Income Strategies LLC bought a new stake in shares of Frontline during the 4th quarter worth $53,000. CIBC Private Wealth Group LLC bought a new stake in shares of Frontline during the 3rd quarter worth $80,000. Finally, Triumph Capital Management bought a new stake in shares of Frontline during the 3rd quarter worth $97,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.