Frontline (NYSE:FRO) Price Target Cut to $20.00 by Analysts at Jefferies Financial Group

Frontline (NYSE:FRO) had its price objective cut by Jefferies Financial Group from $26.00 to $20.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the shipping company’s stock.

Other analysts also recently issued reports about the company. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, October 7th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research report on Thursday, December 12th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Frontline currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.36.

Frontline Stock Performance

Shares of FRO stock opened at $13.82 on Tuesday. The firm has a market capitalization of $3.08 billion and a price-to-earnings ratio of 5.64. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The business’s 50-day moving average price is $18.86 and its 200-day moving average price is $22.29. Frontline has a 12 month low of $13.41 and a 12 month high of $29.39.

Frontline (NYSE:FRO) last posted its earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter last year, the company earned $0.36 EPS. Equities research analysts forecast that Frontline will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.84%. Frontline’s payout ratio is presently 55.51%.

Institutional Investors Weigh In On Frontline

A number of large investors have recently bought and sold shares of FRO. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Frontline by 3.8% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after purchasing an additional 5,200 shares during the period. Vestcor Inc acquired a new position in Frontline during the 3rd quarter worth approximately $255,000. Public Employees Retirement System of Ohio acquired a new position in Frontline during the 3rd quarter worth approximately $998,000. IHT Wealth Management LLC boosted its holdings in Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after acquiring an additional 535 shares in the last quarter. Finally, Cinctive Capital Management LP increased its holdings in shares of Frontline by 120.8% during the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock valued at $2,389,000 after acquiring an additional 57,206 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Company Profile

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.