Frontline plc (NYSE:FRO) Given Average Rating of "Moderate Buy" by Brokerages

Shares of Frontline plc (NYSE:FRO - Get Free Report) have been given an average recommendation of "Moderate Buy" by the five brokerages that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $20.62.

Several research firms recently issued reports on FRO. Evercore ISI dropped their price target on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a report on Thursday, March 27th.

Institutional Trading of Frontline

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its holdings in Frontline by 65.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock valued at $1,021,000 after purchasing an additional 28,478 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Frontline in the 4th quarter valued at $341,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Frontline in the 4th quarter valued at $342,000. Private Advisor Group LLC raised its stake in Frontline by 164.0% during the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock worth $398,000 after buying an additional 17,428 shares during the period. Finally, Range Financial Group LLC bought a new position in Frontline during the fourth quarter worth about $579,000. 22.70% of the stock is owned by institutional investors.

Frontline Stock Up 1.0 %

Shares of Frontline stock opened at $15.00 on Wednesday. Frontline has a 12-month low of $12.40 and a 12-month high of $29.39. 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 has a market capitalization of $3.34 billion, a PE ratio of 6.12 and a beta of 0.20. The stock's fifty day moving average is $15.54 and its 200-day moving average is $17.02.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business's revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $0.46 earnings per share. Equities analysts anticipate that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 5.33%. The ex-dividend date was Friday, March 14th. Frontline's payout ratio is 36.04%.

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.

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