Frontline plc (NYSE:FRO) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Frontline plc (NYSE:FRO) have been given an average recommendation of “Moderate Buy” by the seven ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $24.36.

FRO has been the subject of several analyst reports. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Monday, October 7th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. Jefferies Financial Group cut their price target on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Finally, Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research note on Thursday, December 12th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Godsey & Gibb Inc. acquired a new stake in shares of Frontline during the 3rd quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC bought a new stake in Frontline during the second quarter valued at $31,000. Summit Securities Group LLC raised its holdings in shares of Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. lifted its position in shares of Frontline by 17,866.7% in the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after buying an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after buying an additional 4,618 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Up 0.3 %

Shares of NYSE FRO opened at $13.38 on Friday. The stock has a fifty day moving average price of $18.22 and a 200 day moving average price of $22.07. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a 12-month low of $13.17 and a 12-month high of $29.39. The company has a market cap of $2.98 billion and a P/E ratio of 5.46.

Frontline (NYSE:FRO) last announced 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 net margin of 25.64% and a return on equity of 19.25%. During the same period in the previous year, the company earned $0.36 EPS. Research analysts anticipate that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 10.16%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s payout ratio is currently 55.51%.

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.