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

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

Frontline Stock Up 2.6 %

Shares of FRO stock traded up $0.43 during mid-day trading on Tuesday, reaching $16.66. 3,731,229 shares of the company were exchanged, compared to its average volume of 2,163,960. The business's 50 day simple moving average is $16.55 and its 200 day simple moving average is $19.04. Frontline has a fifty-two week low of $13.17 and a fifty-two week high of $29.39. The company has a market capitalization of $3.71 billion and a P/E ratio of 6.80. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline Cuts Dividend

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

Analyst Ratings Changes

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

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About Frontline

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.