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

Frontline PLC (NYSE:FRO) has received an average recommendation of “Hold” from the nine research firms that are currently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $39.1150.

FRO has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Frontline from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Danske lowered shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Piper Sandler lowered shares of Frontline to a “neutral” rating in a research report on Friday, February 27th. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Finally, Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a research report on Monday, May 25th.

Frontline Stock Performance

Frontline stock opened at $40.83 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03. Frontline has a 1-year low of $16.25 and a 1-year high of $40.96. The firm has a market capitalization of $9.09 billion, a P/E ratio of 10.06 and a beta of 0.02. The company’s 50-day moving average is $36.68 and its 200 day moving average is $31.59.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, May 22nd. The shipping company reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Frontline had a return on equity of 27.80% and a net margin of 36.70%.The firm had revenue of $714.24 million during the quarter, compared to analysts’ expectations of $579.59 million. During the same period last year, the company earned $0.18 earnings per share. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.2%. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Friday, June 12th. Frontline’s dividend payout ratio is 152.71%.

Hedge Funds Weigh In On Frontline

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Frontline by 2.9% during the third quarter. Vanguard Group Inc. now owns 5,840,353 shares of the shipping company’s stock valued at $133,738,000 after buying an additional 164,776 shares during the period. Citigroup Inc. increased its holdings in Frontline by 185.8% during the third quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock valued at $13,821,000 after buying an additional 394,226 shares during the period. Melqart Asset Management UK Ltd purchased a new position in Frontline during the third quarter valued at approximately $437,000. UBS Group AG increased its holdings in Frontline by 18.2% during the fourth quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after buying an additional 217,760 shares during the period. Finally, Leonteq Securities AG purchased a new position in Frontline during the fourth quarter valued at approximately $362,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

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.