Frontline (NYSE:FRO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Frontline (NYSE:FRO) from a hold rating to a buy rating in a research note published on Saturday morning.

FRO has been the topic of several other research reports. Piper Sandler lowered Frontline to a “neutral” rating in a report on Friday, February 27th. Dnb Carnegie downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. BTIG Research increased their target price on shares of Frontline from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a research note on Friday, March 27th. Finally, Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Frontline has an average rating of “Moderate Buy” and an average price target of $38.00.

Frontline Stock Performance

Shares of FRO stock opened at $36.50 on Friday. The stock’s 50-day moving average is $32.84 and its two-hundred day moving average is $26.85. The firm has a market cap of $8.13 billion, a price-to-earnings ratio of 21.47 and a beta of 0.05. Frontline has a 1 year low of $12.81 and a 1 year high of $39.89. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.37 and a current ratio of 1.43.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Saturday, February 28th. The shipping company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.10). The firm had revenue of $624.51 million for the quarter, compared to analysts’ expectations of $456.90 million. Frontline had a return on equity of 16.51% and a net margin of 19.31%.The business’s revenue for the quarter was up 46.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 EPS. Analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 12th were issued a $1.03 dividend. The ex-dividend date was Thursday, March 12th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 11.3%. This is an increase from Frontline’s previous quarterly dividend of $0.19. Frontline’s payout ratio is currently 242.35%.

Institutional Investors Weigh In On Frontline

Institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its position in shares of Frontline by 32.3% during the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after purchasing an additional 6,424 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Frontline during the 1st quarter worth approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Frontline by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock worth $2,751,000 after purchasing an additional 20,370 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Frontline by 70.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 549,584 shares of the shipping company’s stock worth $9,019,000 after purchasing an additional 226,435 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Frontline by 16.7% during the 2nd quarter. Legal & General Group Plc now owns 237,977 shares of the shipping company’s stock worth $3,914,000 after purchasing an additional 34,048 shares during the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

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.