Frontline (NYSE:FRO) Given New $20.00 Price Target at Evercore ISI

Frontline (NYSE:FRO - Free Report) had its price objective lowered by Evercore ISI from $22.00 to $20.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the shipping company's stock.

Separately, Kepler Capital Markets set a $12.49 price objective on Frontline in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Frontline presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.62.

Frontline Stock Up 1.7 %

Shares of NYSE FRO traded up $0.28 during midday trading on Tuesday, hitting $16.57. 3,991,493 shares of the stock traded hands, compared to its average volume of 2,385,528. 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 has a one year low of $12.40 and a one year high of $29.39. The business has a 50 day moving average price of $15.45 and a two-hundred day moving average price of $16.84. The company has a market cap of $3.69 billion, a PE ratio of 6.76 and a beta of 0.20.

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

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend was Friday, March 14th. Frontline's dividend payout ratio is presently 36.04%.

Institutional Investors Weigh In On Frontline

Hedge funds have recently made changes to their positions in the business. Golden State Wealth Management LLC raised its holdings in shares of Frontline by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock worth $175,000 after purchasing an additional 5,900 shares during the period. SG Americas Securities LLC increased its stake in shares of Frontline by 607.8% in the first quarter. SG Americas Securities LLC now owns 234,429 shares of the shipping company's stock worth $3,481,000 after purchasing an additional 201,308 shares in the last quarter. SeaCrest Wealth Management LLC raised its position in shares of Frontline by 11.7% in the first quarter. SeaCrest Wealth Management LLC now owns 54,375 shares of the shipping company's stock valued at $807,000 after purchasing an additional 5,700 shares during the period. Jefferies Financial Group Inc. purchased a new stake in shares of Frontline during the 4th quarter valued at approximately $425,000. Finally, Public Employees Retirement System of Ohio raised its holdings in Frontline by 10.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 48,706 shares of the shipping company's stock valued at $671,000 after acquiring an additional 4,716 shares during the period. 22.70% of the stock is currently 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.