Frontline plc (NYSE:FRO) Given Consensus Rating of “Moderate Buy” by Brokerages

Frontline plc (NYSE:FRO) has earned an average rating of “Moderate Buy” from the five brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $20.62.

A number of equities analysts have commented on the company. Evercore ISI decreased their target price on Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th.

Frontline Stock Up 1.4%

NYSE:FRO opened at $18.32 on Friday. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 7.48 and a beta of 0.24. Frontline has a one year low of $12.40 and a one year high of $29.39. The stock has a 50-day simple moving average of $15.82 and a 200 day simple moving average of $16.41. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. During the same period last year, the firm earned $0.46 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts predict that Frontline will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.37%. Frontline’s payout ratio is currently 36.04%.

Hedge Funds Weigh In On Frontline

Several hedge funds and other institutional investors have recently made changes to their positions in the business. IHT Wealth Management LLC boosted its position in shares of Frontline by 5.2% during the fourth quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company’s stock worth $235,000 after buying an additional 819 shares during the period. Signaturefd LLC boosted its position in shares of 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 buying an additional 989 shares during the period. Swiss National Bank boosted its position in shares of Frontline by 0.6% during the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock worth $3,953,000 after buying an additional 1,845 shares during the period. SVB Wealth LLC acquired a new position in shares of Frontline during the first quarter worth approximately $32,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Frontline during the fourth quarter worth approximately $31,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.