Frontline (NYSE:FRO) Posts Earnings Results, Meets Estimates

Frontline (NYSE:FRO) announced its quarterly earnings data on Friday. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20, Zacks reports. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 EPS.

Frontline Stock Performance

Shares of FRO opened at $16.07 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a 50 day moving average price of $16.46 and a two-hundred day moving average price of $19.20. The firm has a market capitalization of $3.58 billion and a P/E ratio of 6.56. Frontline has a 52 week low of $13.17 and a 52 week high of $29.39.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date is Friday, March 14th. Frontline’s payout ratio is 55.51%.

Analyst Upgrades and Downgrades

FRO has been the subject of a number of research analyst reports. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.46.

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.