Frontline (NYSE:FRO) Given New $45.00 Price Target at BTIG Research

Frontline (NYSE:FRO) had its price target increased by BTIG Research from $42.00 to $45.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the shipping company’s stock.

A number of other brokerages have also recently commented on FRO. Dnb Carnegie cut Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Wall Street Zen upgraded Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Piper Sandler cut Frontline to a “neutral” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a research note on Friday, March 27th. Finally, Evercore reiterated an “outperform” rating and issued a $42.00 price target on shares of Frontline in a research note on Friday, February 27th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.00.

Frontline Trading Down 2.2%

Shares of FRO opened at $34.60 on Wednesday. The stock’s 50-day moving average is $34.46 and its two-hundred day moving average is $27.85. The stock has a market cap of $7.70 billion, a PE ratio of 20.35 and a beta of 0.05. Frontline has a 12 month low of $15.17 and a 12 month high of $39.89. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.43 and a quick ratio of 1.19.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Saturday, February 28th. The shipping company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.10). The company had revenue of $624.51 million for the quarter, compared to analyst estimates of $456.90 million. Frontline had a return on equity of 16.51% and a net margin of 19.31%.The company’s revenue for the quarter was up 46.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 EPS.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 12th were paid a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 11.9%. This is a positive change from Frontline’s previous quarterly dividend of $0.19. The ex-dividend date was Thursday, March 12th. Frontline’s payout ratio is presently 242.35%.

Institutional Trading of Frontline

Hedge funds and other institutional investors have recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. bought a new stake in Frontline in the fourth quarter valued at about $25,000. Sunbelt Securities Inc. bought a new stake in Frontline in the third quarter valued at about $41,000. Sound Income Strategies LLC bought a new stake in Frontline in the fourth quarter valued at about $53,000. CIBC Private Wealth Group LLC bought a new stake in Frontline in the third quarter valued at about $80,000. Finally, Triumph Capital Management bought a new stake in Frontline in the third quarter valued at about $97,000. 22.70% of the stock is owned by institutional investors.

About Frontline

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.