Frontline (NYSE:FRO) Reaches New 1-Year High – Here’s What Happened

Frontline PLC (NYSE:FRO) shares hit a new 52-week high on Tuesday . The stock traded as high as $40.17 and last traded at $39.0840, with a volume of 474330 shares traded. The stock had previously closed at $39.43.

Analyst Ratings Changes

A number of brokerages recently commented on FRO. Wall Street Zen raised shares of Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Danske downgraded Frontline to a “hold” rating in a report on Tuesday, May 26th. Piper Sandler lowered Frontline to a “neutral” rating in a research report on Friday, February 27th. Evercore cut Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, Dnb Carnegie lowered Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $39.12.

Frontline Stock Down 1.1%

The company’s fifty day simple moving average is $36.37 and its 200-day simple moving average is $31.12. The firm has a market capitalization of $8.68 billion, a PE ratio of 9.62 and a beta of 0.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.03). The business had revenue of $714.24 million for the quarter, compared to analysts’ expectations of $579.59 million. Frontline had a net margin of 36.70% and a return on equity of 27.80%. The business’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 EPS.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 12th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 15.9%. The ex-dividend date of this dividend is Friday, June 12th. This is an increase from Frontline’s previous quarterly dividend of $1.03. Frontline’s payout ratio is 152.71%.

Institutional Trading of Frontline

Several large investors have recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Frontline in the fourth quarter worth $25,000. Assetmark Inc. increased its position in shares of Frontline by 278.6% in the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock valued at $34,000 after acquiring an additional 716 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Frontline in the 3rd quarter valued at $41,000. Parallel Advisors LLC raised its stake in Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after acquiring an additional 486 shares during the last quarter. Finally, NFSG Corp lifted its position in Frontline by 50.0% during the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock worth $52,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 22.70% of the company’s stock.

About Frontline

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.