Frontline PLC (NYSE:FRO) Given Average Recommendation of “Hold” by Analysts

Shares of Frontline PLC (NYSE:FRO) have been assigned an average recommendation of “Hold” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $41.6150.

FRO has been the subject of several recent research reports. Evercore lowered Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Danske lowered Frontline to a “hold” rating in a research note on Tuesday, May 26th. Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a report on Monday, May 25th. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Finally, Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, May 22nd.

Hedge Funds Weigh In On Frontline

Several institutional investors and hedge funds have recently bought and sold shares of FRO. Carolina Wealth Advisors LLC increased its position in shares of Frontline by 1,008.8% during the second quarter. Carolina Wealth Advisors LLC now owns 86,573 shares of the shipping company’s stock worth $3,012,000 after purchasing an additional 78,765 shares in the last quarter. Rathbones Group PLC acquired a new stake in shares of Frontline in the 1st quarter worth $412,000. Parallel Advisors LLC boosted its position in shares of 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 purchasing an additional 486 shares in the last quarter. NewEdge Advisors LLC purchased a new position in Frontline during the 1st quarter worth $912,000. Finally, Optiver Holding B.V. purchased a new position in Frontline during the 1st quarter worth $175,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Price Performance

NYSE FRO opened at $37.14 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. The firm’s 50 day moving average price is $37.34 and its 200-day moving average price is $33.61. Frontline has a 52-week low of $18.04 and a 52-week high of $43.10. The company has a market cap of $8.27 billion, a PE ratio of 9.15 and a beta of 0.01.

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

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were given a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a yield of 16.7%. Frontline’s dividend payout ratio is currently 152.71%.

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.