Frontline PLC (NYSE:FRO) Given Average Recommendation of “Hold” by Brokerages

Shares of Frontline PLC (NYSE:FRO) have earned a consensus rating of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $31.6225.

Several research analysts have weighed in on the company. Piper Sandler lowered Frontline to a “neutral” rating in a report on Friday, February 27th. Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. BTIG Research raised their price target on Frontline from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a report on Monday, December 29th. Finally, Evercore reiterated an “outperform” rating and issued a $42.00 price objective on shares of Frontline in a research report on Friday, February 27th.

Frontline Trading Up 2.9%

Shares of NYSE FRO opened at $32.22 on Friday. The company’s fifty day moving average is $30.60 and its 200-day moving average is $25.75. The stock has a market cap of $7.17 billion and a price-to-earnings ratio of 18.95. Frontline has a twelve month low of $12.40 and a twelve month high of $39.89. The company has a quick ratio of 1.37, a current ratio of 1.43 and a debt-to-equity ratio of 1.09.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, February 27th. The shipping company reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.10). Frontline had a net margin of 19.31% and a return on equity of 16.51%. The firm had revenue of $424.51 million during the quarter, compared to analyst estimates of $456.90 million. During the same period last year, the firm earned $0.20 EPS. Frontline’s quarterly revenue was up 46.7% on a year-over-year basis. Equities research analysts predict that Frontline will post 1.78 EPS for the current year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Thursday, March 12th will be paid a $1.03 dividend. The ex-dividend date of this dividend is Thursday, March 12th. This is an increase from Frontline’s previous quarterly dividend of $0.19. This represents a $4.12 dividend on an annualized basis and a yield of 12.8%. Frontline’s payout ratio is presently 242.35%.

Institutional Investors Weigh In On Frontline

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in Frontline by 32.3% in the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock valued at $392,000 after acquiring an additional 6,424 shares in the last quarter. Millennium Management LLC bought a new position in Frontline during the 1st quarter worth about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Frontline by 12.4% during the 1st 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 in the last quarter. Bank of Montreal Can raised its stake in shares of Frontline by 8.5% in the 2nd quarter. Bank of Montreal Can now owns 75,815 shares of the shipping company’s stock valued at $1,244,000 after purchasing an additional 5,916 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Frontline by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 658,504 shares of the shipping company’s stock valued at $10,806,000 after purchasing an additional 9,668 shares during the period. 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.