Frontline plc (NYSE:FRO) Receives $24.03 Average PT from Brokerages

Shares of Frontline plc (NYSE:FRO - Get Free Report) have been assigned an average rating of "Buy" from the five research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $24.46.

A number of brokerages recently commented on FRO. Jefferies Financial Group decreased 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 Frontline from a "buy" rating to a "hold" rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th.

Institutional Investors Weigh In On Frontline

A number of institutional investors and hedge funds have recently bought and sold shares of FRO. Jones Financial Companies Lllp purchased a new position in Frontline in the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC bought a new position in shares of Frontline during the fourth quarter valued at approximately $84,000. National Bank of Canada FI raised its stake in Frontline by 331.8% during the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after buying an additional 4,738 shares during the last quarter. Blue Trust Inc. raised its holdings in Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after buying an additional 4,084 shares during the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new stake in Frontline during the 4th quarter valued at $159,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

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Frontline Trading Up 2.8 %

FRO stock traded up $0.45 during trading on Friday, hitting $16.50. The company had a trading volume of 4,736,068 shares, compared to its average volume of 3,661,081. The stock has a market cap of $3.67 billion and a price-to-earnings ratio of 6.74. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a 12 month low of $13.17 and a 12 month high of $29.39. The firm has a 50-day moving average price of $16.46 and a 200-day moving average price of $19.16.

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

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.85%. Frontline's dividend payout ratio is 55.51%.

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.