Frontline PLC (NYSE:FRO) Receives Consensus Recommendation of “Hold” from Brokerages

Frontline PLC (NYSE:FRO) has been given an average recommendation of “Hold” by the five analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $21.8725.

A number of brokerages have recently weighed in on FRO. Weiss Ratings reiterated a “hold (c+)” rating on shares of Frontline in a report on Wednesday, October 8th. Wall Street Zen raised Frontline from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. BTIG Research lifted their target price on Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 price objective on shares of Frontline in a research report on Friday, August 29th.

Frontline Stock Performance

Frontline stock opened at $22.03 on Wednesday. The firm’s 50 day simple moving average is $21.63 and its 200-day simple moving average is $18.81. The company has a market cap of $4.90 billion, a P/E ratio of 20.59 and a beta of 0.20. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.88 and a quick ratio of 1.88. Frontline has a fifty-two week low of $12.40 and a fifty-two week high of $24.27.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The firm had revenue of $282.95 million for the quarter, compared to analysts’ expectations of $328.71 million. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, equities research analysts predict that Frontline will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 6.5%. The ex-dividend date was Friday, September 12th. Frontline’s payout ratio is currently 134.58%.

Hedge Funds Weigh In On Frontline

Several institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC grew its stake in Frontline by 59.3% in the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock valued at $39,000 after purchasing an additional 989 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in Frontline by 17.5% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,730 shares of the shipping company’s stock valued at $160,000 after purchasing an additional 1,447 shares in the last quarter. Financial Gravity Companies Inc. purchased a new position in Frontline in the second quarter valued at about $25,000. TD Asset Management Inc grew its stake in shares of Frontline by 9.9% in the 2nd quarter. TD Asset Management Inc now owns 17,079 shares of the shipping company’s stock valued at $281,000 after buying an additional 1,535 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its stake in shares of Frontline by 9.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 21,425 shares of the shipping company’s stock valued at $352,000 after buying an additional 1,825 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Company Profile

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.