Frontline PLC (NYSE:FRO) Receives Average Recommendation of “Hold” from Brokerages

Frontline PLC (NYSE:FRO) has earned an average recommendation of “Hold” from the six analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $24.6225.

A number of equities analysts have recently issued reports on FRO shares. BTIG Research increased their price objective on shares of Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Frontline in a research note on Monday, December 1st. Wall Street Zen raised Frontline from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Evercore ISI boosted their price objective on Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Finally, Jefferies Financial Group increased their target price on Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, November 21st.

Institutional Investors Weigh In On Frontline

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC lifted its position in Frontline by 2.9% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 14,717 shares of the shipping company’s stock valued at $335,000 after acquiring an additional 418 shares in the last quarter. Cantor Fitzgerald L. P. raised its stake in shares of Frontline by 1.1% in the third quarter. Cantor Fitzgerald L. P. now owns 38,601 shares of the shipping company’s stock worth $880,000 after purchasing an additional 430 shares during the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Frontline by 3.5% in the third quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company’s stock valued at $369,000 after purchasing an additional 552 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Frontline by 6.3% during the third quarter. TD Asset Management Inc now owns 18,163 shares of the shipping company’s stock valued at $415,000 after buying an additional 1,084 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in Frontline by 17.5% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,730 shares of the shipping company’s stock worth $160,000 after buying an additional 1,447 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Price Performance

Frontline stock opened at $23.49 on Thursday. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 23.97 and a beta of 0.06. Frontline has a 52-week low of $12.40 and a 52-week high of $26.00. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.37 and a current ratio of 1.37. The stock’s 50 day moving average price is $23.74 and its two-hundred day moving average price is $21.05.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, November 21st. The shipping company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $257.04 million during the quarter, compared to the consensus estimate of $265.23 million. Frontline had a net margin of 12.23% and a return on equity of 8.89%. During the same quarter in the prior year, the firm earned $0.34 EPS. On average, equities analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 12th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, December 12th. Frontline’s dividend payout ratio (DPR) is 146.94%.

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.