Frontline PLC (NYSE:FRO) Receives Average Rating of “Hold” from Brokerages

Shares of Frontline PLC (NYSE:FRO) have been assigned a consensus rating of “Hold” from the eight brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $31.6225.

A number of brokerages have recently issued reports on FRO. Piper Sandler lowered shares of Frontline to a “neutral” rating in a research note on Friday, February 27th. Clarkson Capital raised shares of Frontline from a “neutral” rating to a “buy” rating in a research note on Monday, January 12th. Evercore reiterated an “outperform” rating and set a $42.00 price objective on shares of Frontline in a report on Friday, February 27th. Jefferies Financial Group upped their target price on shares of Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Frontline in a research note on Monday, December 29th.

Institutional Investors Weigh In On Frontline

Several hedge funds have recently made changes to their positions in the company. Financial Gravity Companies Inc. purchased a new position in shares of Frontline during the second quarter valued at $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Frontline in the fourth quarter worth about $25,000. Sunbelt Securities Inc. purchased a new stake in Frontline in the third quarter worth about $41,000. Sound Income Strategies LLC bought a new position in Frontline during the 4th quarter worth about $53,000. Finally, CIBC Private Wealth Group LLC purchased a new position in Frontline during the 3rd quarter valued at about $80,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Trading Down 2.0%

Shares of NYSE FRO opened at $30.17 on Friday. Frontline has a fifty-two week low of $12.40 and a fifty-two week 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. The company has a market cap of $6.72 billion and a price-to-earnings ratio of 17.74. The business’s 50 day moving average price is $30.01 and its 200-day moving average price is $25.48.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, February 27th. The shipping company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.10). Frontline had a net margin of 19.31% and a return on equity of 16.51%. The business had revenue of $424.51 million for the quarter, compared to analysts’ expectations of $456.90 million. During the same quarter in the previous year, the firm earned $0.20 EPS. Frontline’s revenue was up 46.7% compared to the same quarter last year. On average, sell-side analysts expect that Frontline will post 1.78 earnings per share for the current year.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, March 12th will be paid a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 13.7%. This is an increase from Frontline’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Thursday, March 12th. Frontline’s payout ratio is currently 242.35%.

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.