Frontline (NYSE:FRO) Reaches New 52-Week High After Analyst Upgrade

Frontline PLC (NYSE:FRO) shares hit a new 52-week high during trading on Tuesday after Clarkson Capital upgraded the stock from a neutral rating to a buy rating. The stock traded as high as $26.32 and last traded at $26.2450, with a volume of 1669816 shares. The stock had previously closed at $25.17.

Several other brokerages have also recently issued reports on FRO. Wall Street Zen raised Frontline from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. BTIG Research raised their price objective on shares of Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Evercore ISI boosted their target price on shares of Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a research report on Monday, December 29th. Finally, Jefferies Financial Group lifted their price target 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. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.62.

Hedge Funds Weigh In On Frontline

A number of hedge funds have recently modified their holdings of the company. Financial Gravity Companies Inc. bought a new stake in shares of Frontline during the 2nd quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Frontline in the 2nd quarter worth $33,000. Sunbelt Securities Inc. bought a new stake in Frontline during the third quarter valued at about $41,000. Caitong International Asset Management Co. Ltd raised its holdings in Frontline by 3,353.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,627 shares of the shipping company’s stock valued at $76,000 after acquiring an additional 4,493 shares during the period. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Frontline in the third quarter valued at about $80,000. 22.70% of the stock is currently owned by institutional investors.

Frontline Stock Performance

The stock has a market cap of $5.81 billion, a P/E ratio of 26.62 and a beta of 0.08. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.27. The business has a 50 day moving average price of $23.39 and a two-hundred day moving average price of $21.87.

Frontline (NYSE:FRO) last issued its earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.04). Frontline had a net margin of 12.23% and a return on equity of 8.89%. The business had revenue of $257.04 million for the quarter, compared to the consensus estimate of $265.23 million. During the same period last year, the business posted $0.34 EPS. On average, sell-side analysts forecast that Frontline PLC will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were given a dividend of $0.19 per share. The ex-dividend date was Friday, December 12th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.9%. Frontline’s dividend payout ratio is currently 77.55%.

About Frontline

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.