Frontline (NYSE:FRO) Downgraded to Strong Sell Rating by Kepler Capital Markets

Kepler Capital Markets downgraded shares of Frontline (NYSE:FRO) from a hold rating to a strong sell rating in a report released on Thursday,Zacks.com reports.

Separately, Jefferies Financial Group dropped their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Stock Performance

Frontline stock opened at $14.95 on Thursday. The stock has a market cap of $3.33 billion, a PE ratio of 6.10 and a beta of -0.04. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business’s 50-day moving average price is $16.59 and its two-hundred day moving average price is $18.14. Frontline has a 12-month low of $13.17 and a 12-month high of $29.39.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same quarter last year, the business posted $0.46 EPS. Frontline’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, analysts expect that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date is Friday, March 14th. Frontline’s payout ratio is 36.04%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FRO. Jones Financial Companies Lllp bought a new position in shares of Frontline during the 4th quarter worth $31,000. Golden State Wealth Management LLC bought a new position in Frontline during the fourth quarter worth about $84,000. National Bank of Canada FI lifted its stake in shares of Frontline by 331.8% during the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock valued at $87,000 after buying an additional 4,738 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after buying an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new position in Frontline in the 4th quarter valued at approximately $159,000. 22.70% of the stock is owned by institutional investors.

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.