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

Shares of Frontline plc (NYSE:FRO) have been given an average rating of “Buy” by the six analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $27.26.

Several research firms recently weighed in on FRO. StockNews.com raised 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. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, October 7th. Jefferies Financial Group dropped their price target on Frontline from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, November 14th. Finally, Evercore ISI dropped their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd.

Frontline Stock Up 1.6 %

Frontline stock opened at $20.51 on Wednesday. Frontline has a twelve month low of $18.26 and a twelve month high of $29.39. The stock has a 50 day moving average of $21.65 and a two-hundred day moving average of $23.84. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). The business had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period in the prior year, the business earned $0.94 earnings per share. As a group, research analysts expect that Frontline will post 1.88 EPS for the current fiscal year.

Frontline Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 12.09%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is currently 93.23%.

Hedge Funds Weigh In On Frontline

Several institutional investors have recently made changes to their positions in FRO. Vanguard Group Inc. lifted its position in Frontline by 5,319.5% in the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after purchasing an additional 5,195,312 shares during the period. Hsbc Holdings PLC lifted its position in Frontline by 7.7% in the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after purchasing an additional 138,011 shares during the period. Forest Avenue Capital Management LP lifted its position in Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after purchasing an additional 161,518 shares during the period. M&G PLC lifted its position in Frontline by 27.2% in the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock worth $25,164,000 after purchasing an additional 237,446 shares during the period. Finally, Smead Capital Management Inc. lifted its position in Frontline by 5.1% in the third quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock worth $15,188,000 after purchasing an additional 32,531 shares during the period. 22.70% of the stock is owned by institutional investors.

Frontline Company Profile

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.