Brokerages Set Frontline PLC (NYSE:FRO) PT at $41.62

Frontline PLC (NYSE:FRO) has been given a consensus recommendation of “Hold” by the nine ratings firms that are presently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $41.6150.

FRO has been the subject of several research analyst reports. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a research report on Monday, May 25th. Danske lowered shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 27th. Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Finally, BTIG Research boosted their target price on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th.

Hedge Funds Weigh In On Frontline

Institutional investors and hedge funds have recently bought and sold shares of the company. Assetmark Inc. raised its stake in shares of Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock valued at $34,000 after buying an additional 716 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Frontline during the 4th quarter valued at $25,000. Parallel Advisors LLC grew its stake in shares of Frontline by 58.9% during the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after acquiring an additional 486 shares during the period. NFSG Corp grew its stake in shares of Frontline by 50.0% during the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock worth $52,000 after acquiring an additional 500 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in Frontline by 81.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,689 shares of the shipping company’s stock worth $59,000 after acquiring an additional 760 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Stock Up 0.1%

FRO stock opened at $36.53 on Friday. The stock’s fifty day simple moving average is $37.28 and its two-hundred day simple moving average is $33.71. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. Frontline has a 1-year low of $18.06 and a 1-year high of $43.10. The stock has a market cap of $8.13 billion, a P/E ratio of 9.00 and a beta of 0.01.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were issued a $1.55 dividend. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 17.0%. Frontline’s payout ratio is presently 152.71%.

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.