Frontline (NYSE:FRO) Reaches New 12-Month High at $25.25

Frontline plc (NYSE:FRO) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $25.25 and last traded at $25.20, with a volume of 465300 shares traded. The stock had previously closed at $24.87.

Wall Street Analyst Weigh In

Several analysts have issued reports on FRO shares. JPMorgan Chase & Co. decreased their price objective on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research note on Friday, March 1st. StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and raised their price objective for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st.

Frontline Trading Up 1.7 %

The company’s 50 day simple moving average is $23.61 and its 200-day simple moving average is $22.29. The company has a quick ratio of 1.45, a current ratio of 1.78 and a debt-to-equity ratio of 1.40. The firm has a market cap of $5.73 billion, a P/E ratio of 8.73 and a beta of 0.03.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.05). Frontline had a net margin of 35.95% and a return on equity of 26.00%. The company had revenue of $415.00 million for the quarter, compared to the consensus estimate of $280.36 million. During the same period in the prior year, the firm posted $0.97 EPS. The business’s revenue was down 21.7% on a year-over-year basis. As a group, research analysts predict that Frontline plc will post 3.03 earnings per share for the current fiscal year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 5.75%. The ex-dividend date was Thursday, March 14th. This is an increase from Frontline’s previous quarterly dividend of $0.30. Frontline’s payout ratio is currently 50.17%.

Institutional Trading of Frontline

Several institutional investors and hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC raised its stake in Frontline by 4.2% in the first quarter. Global Retirement Partners LLC now owns 13,307 shares of the shipping company’s stock worth $311,000 after buying an additional 534 shares in the last quarter. RMR Wealth Builders grew its holdings in Frontline by 4.4% in the fourth quarter. RMR Wealth Builders now owns 15,612 shares of the shipping company’s stock worth $313,000 after purchasing an additional 652 shares during the last quarter. SeaCrest Wealth Management LLC grew its holdings in Frontline by 2.4% in the fourth quarter. SeaCrest Wealth Management LLC now owns 51,585 shares of the shipping company’s stock worth $1,147,000 after purchasing an additional 1,200 shares during the last quarter. ICA Group Wealth Management LLC purchased a new position in Frontline in the fourth quarter worth $25,000. Finally, Naples Money Management LLC purchased a new position in Frontline in the fourth quarter worth $27,000. Institutional investors own 22.70% of the company’s stock.

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.