Frontline (NYSE:FRO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Frontline (NYSE:FRO) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Several other research analysts have also recently issued reports on the company. DZ Bank cut Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. BTIG Research upped their target price on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Weiss Ratings downgraded shares of Frontline from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, August 12th. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a research report on Monday, May 25th. Finally, Danske cut shares of Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.62.

Frontline Stock Performance

Shares of FRO stock opened at $43.73 on Friday. The firm has a market capitalization of $9.74 billion, a price-to-earnings ratio of 10.77 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. The business has a fifty day moving average of $39.36 and a 200 day moving average of $36.93. Frontline has a 1 year low of $20.31 and a 1 year high of $45.29.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, August 28th. The shipping company reported $2.96 EPS for the quarter, topping analysts’ consensus estimates of $2.74 by $0.22. The company had revenue of $943.30 million during the quarter, compared to analysts’ expectations of $758.85 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The firm’s revenue was up 96.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 EPS.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 18th will be paid a dividend of $2.61 per share. This represents a $10.44 dividend on an annualized basis and a dividend yield of 23.9%. The ex-dividend date is Friday, September 18th. This is an increase from Frontline’s previous quarterly dividend of $1.55. Frontline’s dividend payout ratio (DPR) is 152.71%.

Hedge Funds Weigh In On Frontline

Institutional investors and hedge funds have recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline during the fourth quarter worth about $25,000. Fiduciary Financial Advisors acquired a new position in Frontline in the second quarter valued at approximately $28,000. Assetmark Inc. lifted its holdings in Frontline by 278.6% in the first 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. purchased a new stake in Frontline in the 3rd quarter worth approximately $41,000. Finally, Parallel Advisors LLC boosted its position 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 purchasing an additional 486 shares in the last quarter. Institutional investors and hedge funds 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.