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

Shares of Frontline plc (NYSE:FRO) have earned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $24.03.

A number of brokerages have issued reports on FRO. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a report on Thursday, December 12th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, October 7th. Jefferies Financial Group dropped their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Finally, Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th.

Institutional Trading of Frontline

A number of institutional investors and hedge funds have recently modified their holdings of FRO. Godsey & Gibb Inc. acquired a new position in Frontline during the 3rd quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Frontline in the second quarter valued at about $31,000. Blue Trust Inc. lifted its position in Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after acquiring an additional 2,681 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in 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 purchasing an additional 4,618 shares during the period. Finally, U S Global Investors Inc. bought a new position in Frontline during the third quarter worth about $135,000. 22.70% of the stock is owned by institutional investors.

Frontline Stock Performance

Shares of FRO stock opened at $18.70 on Thursday. Frontline has a one year low of $13.17 and a one year high of $29.39. The company’s 50-day moving average is $16.36 and its 200 day moving average is $20.74. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 7.63 and a beta of 0.01. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the company earned $0.36 earnings per share. Sell-side analysts expect that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 7.27%. The ex-dividend date was Wednesday, December 11th. Frontline’s dividend 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.