Frontline plc (NYSE:FRO) Given Average Rating of “Buy” by Analysts

Shares of Frontline plc (NYSE:FRO) have received an average recommendation of “Buy” from the six brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $27.26.

FRO has been the subject of several research reports. Jefferies Financial Group decreased their price objective on shares of Frontline from $30.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, November 14th. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th.

Institutional Trading of Frontline

Hedge funds have recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky increased its position in Frontline by 3.8% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after buying an additional 5,200 shares in the last quarter. Vestcor Inc bought a new position in shares of Frontline during the third quarter valued at $255,000. Public Employees Retirement System of Ohio purchased a new position in shares of Frontline in the 3rd quarter worth about $998,000. IHT Wealth Management LLC raised its position in shares of Frontline by 3.5% in the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares during the last quarter. Finally, Cinctive Capital Management LP boosted its stake in Frontline by 120.8% in the 3rd quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock worth $2,389,000 after purchasing an additional 57,206 shares in the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Stock Down 5.1 %

NYSE FRO opened at $18.07 on Wednesday. The business’s 50-day moving average is $21.41 and its 200 day moving average is $23.68. The stock has a market capitalization of $4.02 billion, a PE ratio of 6.79 and a beta of 0.06. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.38 and a quick ratio of 1.38. Frontline has a 1 year low of $18.02 and a 1 year high of $29.39.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The business had revenue of $409.72 million for the quarter, compared to analysts’ expectations of $383.88 million. During the same period last year, the firm posted $0.94 earnings per share. Sell-side analysts forecast that Frontline will post 1.88 earnings per share for the current year.

Frontline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 13.73%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is 93.23%.

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.