Frontline PLC (NYSE:FRO) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Frontline PLC (NYSE:FRO) has received a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $20.62.

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

Institutional Investors Weigh In On Frontline

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Frontline by 65.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company’s stock valued at $1,021,000 after purchasing an additional 28,478 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Frontline during the 4th quarter valued at $341,000. BNP Paribas Financial Markets purchased a new position in shares of Frontline during the 4th quarter valued at $424,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Frontline during the 4th quarter valued at $342,000. Finally, Private Advisor Group LLC increased its stake in shares of Frontline by 164.0% in the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock worth $398,000 after acquiring an additional 17,428 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Trading Down 1.0%

Shares of FRO stock opened at $19.57 on Thursday. The firm’s 50 day moving average price is $17.26 and its two-hundred day moving average price is $16.32. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44. Frontline has a fifty-two week low of $12.40 and a fifty-two week high of $26.53. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 12.55 and a beta of 0.28.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The firm had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The firm’s revenue was down 26.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 EPS. On average, analysts anticipate that Frontline will post 1.78 EPS for the current year.

Frontline Announces Dividend

The business also recently declared a dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 13th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a dividend yield of 3.97%. Frontline’s dividend payout ratio (DPR) is 46.15%.

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.