Frontline (NYSE:FRO) Releases Quarterly Earnings Results, Hits Estimates

Frontline (NYSE:FRO - Get Free Report) posted its quarterly earnings data on Friday. The shipping company reported $0.20 EPS for the quarter, meeting analysts' consensus estimates of $0.20, Zacks reports. The company had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 EPS.

Frontline Stock Up 2.6 %

Shares of Frontline stock traded up $0.43 on Tuesday, hitting $16.66. 3,731,229 shares of the company's stock traded hands, compared to its average volume of 2,163,960. The stock has a market cap of $3.71 billion and a P/E ratio of 6.80. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm's 50-day moving average is $16.55 and its 200 day moving average is $19.04. Frontline has a 52-week low of $13.17 and a 52-week high of $29.39.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.80%. The ex-dividend date of this dividend is Friday, March 14th. Frontline's dividend payout ratio (DPR) is currently 36.04%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FRO shares. Kepler Capital Markets downgraded shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. Jefferies Financial Group decreased their price target on Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $24.46.

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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.