Brokerages Set Frontline PLC (NYSE:FRO) Target Price at $41.62

Shares of Frontline PLC (NYSE:FRO) have received a consensus rating of “Hold” from the eleven ratings firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $41.6150.

Several research analysts have weighed in on the company. BTIG Research increased their price objective on Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Pareto Securities cut shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a research report on Monday, May 25th. Weiss Ratings upgraded shares of Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Nordea Equity Research lowered shares of Frontline to a “hold” rating in a research report on Monday, August 31st. Finally, DZ Bank cut shares of Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st.

Institutional Investors Weigh In On Frontline

A number of hedge funds and other institutional investors have recently made changes to their positions in FRO. BlackRock Inc. bought a new position in Frontline during the 2nd quarter worth $50,846,000. Energy Income Partners LLC bought a new stake in shares of Frontline during the 2nd quarter valued at $1,202,000. Empowered Funds LLC bought a new stake in shares of Frontline during the 2nd quarter valued at $2,950,000. Sei Investments Co. acquired a new stake in shares of Frontline during the 1st quarter worth $948,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Frontline during the 1st quarter worth $1,151,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Up 1.7%

Shares of NYSE:FRO opened at $49.21 on Friday. Frontline has a 12-month low of $20.47 and a 12-month high of $49.56. The business has a 50 day moving average of $41.02 and a 200-day moving average of $37.82. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. The stock has a market cap of $10.96 billion, a PE ratio of 7.38 and a beta of 0.05.

Frontline (NYSE:FRO) last announced its earnings results on Friday, August 28th. The shipping company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). The firm had revenue of $943.30 million for the quarter, compared to the consensus estimate of $758.89 million. Frontline had a return on equity of 44.24% and a net margin of 49.47%.Frontline’s revenue for the quarter was up 96.5% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, September 18th will be issued a dividend of $2.61 per share. This is a boost from Frontline’s previous quarterly dividend of $1.55. This represents a $10.44 annualized dividend and a dividend yield of 21.2%. The ex-dividend date of this dividend is Friday, September 18th. Frontline’s payout ratio is 92.95%.

About Frontline

Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.

The company’s vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.