Frontline PLC (NYSE:FRO) Receives $41.62 Consensus Target Price from Brokerages

Shares of Frontline PLC (NYSE:FRO) have been given a consensus recommendation of “Hold” by the nine research firms that are covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $41.6150.

FRO has been the subject of a number of recent analyst reports. Danske downgraded shares of Frontline to a “hold” rating in a report on Tuesday, May 26th. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a research note on Monday, May 25th. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, BTIG Research increased their price target on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th.

Frontline Stock Performance

Shares of NYSE FRO opened at $38.85 on Friday. Frontline has a one year low of $18.26 and a one year high of $43.10. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 9.57 and a beta of 0.01. The business has a fifty day simple moving average of $37.31 and a 200 day simple moving average of $34.18.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 16.0%. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. Frontline’s dividend payout ratio (DPR) is presently 152.71%.

Hedge Funds Weigh In On Frontline

Several large investors have recently modified their holdings of FRO. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline during the fourth quarter worth approximately $25,000. Assetmark Inc. grew its holdings in shares of Frontline by 278.6% during the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after purchasing an additional 716 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in Frontline during the third quarter worth about $41,000. Parallel Advisors LLC boosted its position 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 in the last quarter. Finally, NFSG Corp increased its stake in shares of Frontline by 50.0% in the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock valued at $52,000 after purchasing an additional 500 shares during the last quarter. 22.70% of the stock is owned by 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.