Frontline plc (NYSE:FRO) Receives Average Rating of “Buy” from Brokerages

Shares of Frontline plc (NYSE:FRO) have been assigned a consensus rating of “Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $28.06.

A number of research firms have recently commented on FRO. Evercore ISI dropped their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research note on Friday, September 27th. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $30.00 target price on shares of Frontline in a research report on Friday, August 30th. Finally, 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.

Hedge Funds Weigh In On Frontline

Institutional investors and hedge funds have recently bought and sold shares of the stock. Godsey & Gibb Inc. acquired a new position in shares of Frontline during the third quarter worth $25,000. Ashton Thomas Private Wealth LLC purchased a new position in Frontline in the 2nd quarter valued at about $31,000. Summit Securities Group LLC grew its stake in shares of Frontline by 75.0% during the second 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 in the last quarter. Blue Trust Inc. increased its position in shares of Frontline by 17,866.7% during the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after acquiring an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after acquiring an additional 4,618 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of NYSE FRO opened at $19.39 on Friday. The company has a 50-day simple moving average of $22.55 and a 200-day simple moving average of $24.19. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $4.32 billion, a PE ratio of 7.29 and a beta of 0.04. Frontline has a 12 month low of $18.34 and a 12 month high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The business had revenue of $409.72 million for the quarter, compared to analysts’ expectations of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same period in the prior year, the company earned $0.94 EPS. On average, equities analysts anticipate that Frontline will post 2.38 earnings per share for the current year.

Frontline Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 12.79%. Frontline’s payout ratio is currently 93.23%.

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.