Frontline (NYSE:FRO) Lowered to Hold Rating by Kepler Capital Markets

Kepler Capital Markets downgraded shares of Frontline (NYSE:FRO) from a buy rating to a hold rating in a report published on Thursday morning, Marketbeat reports. They currently have $15.83 target price on the shipping company’s stock.

A number of other analysts have also recently commented on the stock. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday, October 7th. Jefferies Financial Group reiterated a “buy” rating and set a $26.00 target price on shares of Frontline in a research report on Wednesday, November 27th. Finally, StockNews.com upgraded Frontline to a “sell” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Frontline presently has an average rating of “Moderate Buy” and an average target price of $25.36.

Frontline Trading Up 3.5 %

Shares of Frontline stock opened at $14.21 on Thursday. The company’s 50 day moving average is $19.32 and its 200 day moving average is $22.53. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. Frontline has a twelve month low of $13.71 and a twelve month high of $29.39.

Frontline (NYSE:FRO) last released its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same period in the prior year, the company earned $0.36 EPS. Research analysts predict that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 9.57%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s dividend payout ratio is currently 55.51%.

Institutional Investors Weigh In On Frontline

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Private Advisor Group LLC grew its holdings in Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock valued at $243,000 after buying an additional 490 shares in the last quarter. IHT Wealth Management LLC grew its stake in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after acquiring an additional 535 shares in the last quarter. Summit Securities Group LLC increased its holdings in Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares during the last quarter. Cozad Asset Management Inc. increased its holdings in Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock valued at $334,000 after acquiring an additional 785 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in Frontline by 9.7% in the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after purchasing an additional 871 shares in the last quarter. 22.70% of the stock is owned by institutional investors.

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.