Frontline PLC (NYSE:FRO) Raises Dividend to $1.55 Per Share

Frontline PLC (NYSE:FRO) declared a quarterly dividend on Friday, May 22nd. Shareholders of record on Friday, June 12th will be given a dividend of 1.55 per share by the shipping company on Tuesday, June 23rd. This represents a c) dividend on an annualized basis and a yield of 16.7%. The ex-dividend date of this dividend is Friday, June 12th. This is a 50.5% increase from Frontline’s previous quarterly dividend of $1.03.

Frontline has decreased its dividend payment by an average of 0.1%annually over the last three years. Frontline has a dividend payout ratio of 136.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Frontline Stock Performance

Shares of Frontline stock traded down $1.21 during trading hours on Friday, reaching $37.23. 3,222,719 shares of the stock traded hands, compared to its average volume of 3,615,311. Frontline has a one year low of $16.25 and a one year high of $39.89. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 21.90 and a beta of 0.04. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average price of $35.42 and a 200 day moving average price of $29.75.

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

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.