Frontline PLC (NYSE:FRO) Given Consensus Recommendation of “Hold” by Analysts

Shares of Frontline PLC (NYSE:FRO) have been assigned an average rating of “Hold” from the nine brokerages that are presently covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $41.6150.

A number of brokerages recently weighed in on FRO. Danske lowered shares of Frontline to a “hold” rating in a report on Tuesday, May 26th. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a report on Monday, May 25th. Evercore downgraded Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, Wall Street Zen raised Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 27th.

Frontline Stock Up 4.1%

NYSE:FRO opened at $38.43 on Friday. The firm has a market cap of $8.56 billion, a P/E ratio of 9.47 and a beta of 0.01. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. Frontline has a fifty-two week low of $18.06 and a fifty-two week high of $43.10. The firm has a 50-day simple moving average of $37.26 and a two-hundred day simple moving average of $33.93.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were paid a dividend of $1.55 per share. The ex-dividend date was Friday, June 12th. This represents a $6.20 annualized dividend and a yield of 16.1%. This is an increase from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio (DPR) is currently 152.71%.

Institutional Trading of Frontline

A number of institutional investors have recently made changes to their positions in FRO. Royal Bank of Canada grew its stake in shares of Frontline by 32.3% in the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after acquiring an additional 6,424 shares during the period. Millennium Management LLC bought a new position in Frontline during the first quarter valued at approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Frontline by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock worth $2,751,000 after purchasing an additional 20,370 shares during the last quarter. American Century Companies Inc. boosted its holdings in Frontline by 93.6% in the second quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock worth $1,190,000 after purchasing an additional 35,078 shares during the last quarter. Finally, Invesco Ltd. grew its position in Frontline by 215.8% in the 2nd quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock worth $1,494,000 after purchasing an additional 62,210 shares during the period. 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.