Frontline (NYSE:FRO) Lifted to Buy at BTIG Research

BTIG Research upgraded shares of Frontline (NYSE:FRO - Free Report) from a neutral rating to a buy rating in a report released on Monday morning, MarketBeat reports. BTIG Research currently has $30.00 price objective on the shipping company's stock.

A number of other analysts have also weighed in on the stock. Evercore ISI cut their target price on shares of Frontline from $33.00 to $32.00 and set an outperform rating on the stock in a research note on Tuesday, July 23rd. Fearnley Fonds raised Frontline to a strong-buy rating in a report on Friday, September 27th. StockNews.com upgraded Frontline to a sell rating in a research report on Thursday, September 5th. Finally, Jefferies Financial Group reiterated a buy rating and issued a $30.00 target price on shares of Frontline in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $28.06.

Frontline Stock Up 4.7 %

Shares of FRO traded up $1.16 during mid-day trading on Monday, hitting $25.67. The company's stock had a trading volume of 2,340,704 shares, compared to its average volume of 1,799,700. The company's 50-day moving average is $23.38 and its 200-day moving average is $24.46. Frontline has a 52-week low of $18.34 and a 52-week high of $29.39. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 8.83 and a beta of 0.04.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). The company had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same period in the prior year, the business posted $0.94 earnings per share. On average, equities research analysts forecast that Frontline will post 2.62 EPS for the current fiscal year.

Frontline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 9.66%. The ex-dividend date was Friday, September 13th. Frontline's payout ratio is 86.71%.

Institutional Trading of Frontline

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Frontline by 5,319.5% in the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company's stock valued at $123,750,000 after buying an additional 5,195,312 shares during the period. M&G Plc acquired a new stake in shares of Frontline in the 1st quarter valued at about $25,074,000. Forest Avenue Capital Management LP boosted its stake in Frontline by 115.9% during the 4th quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company's stock valued at $21,207,000 after purchasing an additional 567,900 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new position in Frontline during the fourth quarter worth about $2,811,000. Finally, Hsbc Holdings PLC increased its position in shares of Frontline by 7.7% during the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company's stock valued at $50,683,000 after acquiring an additional 138,011 shares during the last quarter. 22.70% of the stock is owned by 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.