Frontline (NYSE:FRO) Cut to “Hold” at Dnb Carnegie

Dnb Carnegie downgraded shares of Frontline (NYSE:FRO) from a strong-buy rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

A number of other research analysts have also issued reports on FRO. Jefferies Financial Group upped their price target on shares of Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Frontline in a report on Monday, December 29th. BTIG Research upped their target price on Frontline from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Clarkson Capital raised Frontline from a “neutral” rating to a “buy” rating in a research report on Monday, January 12th. Finally, Evercore reiterated an “outperform” rating and set a $42.00 price target on shares of Frontline in a research note on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $31.62.

Frontline Price Performance

Shares of FRO opened at $36.27 on Monday. 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 50 day moving average price of $28.35 and a 200-day moving average price of $24.84. Frontline has a fifty-two week low of $12.40 and a fifty-two week high of $39.89. The stock has a market capitalization of $8.07 billion and a PE ratio of 21.34.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, February 27th. The shipping company reported $1.03 earnings per share 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 company had revenue of $424.51 million for the quarter, compared to the consensus estimate of $456.90 million. During the same period in the previous year, the business earned $0.20 EPS. Frontline’s revenue for the quarter was up 46.7% compared to the same quarter last year. Equities analysts predict that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, March 12th will be issued a dividend of $1.03 per share. The ex-dividend date of this dividend is Thursday, March 12th. This is a positive change from Frontline’s previous quarterly dividend of $0.19. This represents a $4.12 annualized dividend and a yield of 11.4%. Frontline’s payout ratio is 44.71%.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Gravity Companies Inc. purchased a new position in Frontline in the 2nd quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Frontline in the fourth quarter valued at approximately $25,000. Sunbelt Securities Inc. purchased a new position in Frontline during the third quarter worth approximately $41,000. Sound Income Strategies LLC acquired a new position in Frontline during the fourth quarter worth $53,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Frontline during the third quarter worth $80,000. Hedge funds and other institutional investors 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.