Frontline (NYSE:FRO) Hits New 1-Year High on Analyst Upgrade

Frontline PLC (NYSE:FRO) shares hit a new 52-week high during mid-day trading on Monday after BTIG Research raised their price target on the stock from $35.00 to $42.00. BTIG Research currently has a buy rating on the stock. Frontline traded as high as $39.89 and last traded at $38.08, with a volume of 4113061 shares changing hands. The stock had previously closed at $37.95.

Other research analysts have also recently issued research reports about the company. Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a research report on Monday, January 12th. Jefferies Financial Group increased their target price on shares of Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Frontline in a report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $31.62.

Hedge Funds Weigh In On Frontline

Several large investors have recently modified their holdings of the business. Marshall Wace LLP grew its holdings in Frontline by 155.1% during the 2nd quarter. Marshall Wace LLP now owns 1,692,537 shares of the shipping company’s stock worth $27,775,000 after acquiring an additional 1,029,034 shares during the period. Kiker Wealth Management LLC lifted its stake in shares of Frontline by 839.3% in the 3rd quarter. Kiker Wealth Management LLC now owns 93,926 shares of the shipping company’s stock valued at $2,141,000 after purchasing an additional 83,926 shares during the period. SG Americas Securities LLC boosted its position in shares of Frontline by 20.6% during the 3rd quarter. SG Americas Securities LLC now owns 1,058,260 shares of the shipping company’s stock valued at $24,118,000 after purchasing an additional 180,731 shares in the last quarter. Ruffer LLP bought a new stake in shares of Frontline during the 3rd quarter valued at about $2,845,000. Finally, Squarepoint Ops LLC grew its stake in Frontline by 17,093.7% during the second quarter. Squarepoint Ops LLC now owns 79,607 shares of the shipping company’s stock worth $1,306,000 after purchasing an additional 79,144 shares during the period. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a fifty day simple moving average of $28.05 and a two-hundred day simple moving average of $24.76. The firm has a market capitalization of $8.28 billion and a P/E ratio of 21.87.

Frontline (NYSE:FRO) last posted its quarterly earnings results 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). The business had revenue of $424.51 million for the quarter, compared to the consensus estimate of $456.90 million. Frontline had a return on equity of 16.81% and a net margin of 19.31%.Frontline’s quarterly revenue was up 46.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 earnings per share. On average, research analysts predict that Frontline PLC will post 1.78 EPS for the current year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, March 12th will be paid a dividend of $1.03 per share. This is a boost from Frontline’s previous quarterly dividend of $0.19. This represents a $4.12 annualized dividend and a yield of 11.1%. The ex-dividend date of this dividend is Thursday, March 12th. Frontline’s payout ratio is currently 44.71%.

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.