Frontline plc (NYSE:FRO) Receives $20.62 Consensus Target Price from Brokerages

Shares of Frontline plc (NYSE:FRO) have received an average rating of “Moderate Buy” from the five ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $20.62.

A number of analysts have recently commented on FRO shares. Evercore ISI dropped their price target on Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price target on Frontline in a research report on Thursday, March 27th.

Hedge Funds Weigh In On Frontline

A number of hedge funds have recently added to or reduced their stakes in FRO. Jones Financial Companies Lllp purchased a new position in Frontline in the 4th quarter worth approximately $31,000. SVB Wealth LLC purchased a new position in Frontline in the 1st quarter worth approximately $32,000. Bayforest Capital Ltd purchased a new position in Frontline in the 1st quarter worth approximately $34,000. Signaturefd LLC raised its holdings in Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock worth $39,000 after acquiring an additional 989 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after acquiring an additional 4,738 shares during the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Down 4.3%

FRO stock opened at $18.88 on Thursday. Frontline has a fifty-two week low of $12.40 and a fifty-two week high of $26.53. The business’s 50 day moving average price is $17.05 and its two-hundred day moving average price is $16.27. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 7.71 and a beta of 0.28.

Frontline (NYSE:FRO) last posted its earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. During the same quarter in the prior year, the business earned $0.62 EPS. The business’s revenue for the quarter was down 26.0% on a year-over-year basis. As a group, analysts forecast that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Dividend Announcement

The business also recently declared a dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th will be given a $0.18 dividend. The ex-dividend date is Thursday, June 12th. This represents a dividend yield of 3.97%. Frontline’s dividend payout ratio is currently 46.15%.

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.