Brokerages Set Frontline plc (NYSE:FRO) Target Price at $27.58

Frontline plc (NYSE:FRO) has been assigned an average rating of “Buy” from the five research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $27.58.

A number of equities analysts recently commented on the stock. Evercore ISI reduced their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Frontline in a research report on Friday, August 30th. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th.

Institutional Investors Weigh In On Frontline

A number of large investors have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC purchased a new stake in Frontline in the second quarter valued at $31,000. ICA Group Wealth Management LLC purchased a new stake in Frontline in the fourth quarter valued at $25,000. Summit Securities Group LLC boosted its holdings in Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares during the last quarter. Blue Trust Inc. boosted its holdings in Frontline by 17,866.7% in the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after acquiring an additional 4,618 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Stock Down 1.0 %

Shares of NYSE FRO opened at $24.51 on Tuesday. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 8.57 and a beta of 0.04. Frontline has a 52-week low of $17.39 and a 52-week high of $29.39. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a 50 day moving average price of $23.38 and a 200 day moving average price of $24.43.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The business had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same period last year, the firm earned $0.94 EPS. Sell-side analysts expect that Frontline will post 2.62 earnings per share for the current year.

Frontline Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 10.12%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

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.