Frontline (NYSE:FRO) Announces Earnings Results, Misses Estimates By $0.06 EPS

Key Points

• Frontline (NYSE:FRO) reported a quarterly earnings of $0.36 EPS, missing analysts' estimates of $0.42 by $0.06.
• The company declared a dividend of $0.18 per share, representing a staggering yield of 397.0%.
• Analyst ratings for Frontline have varied, with one research firm lowering their rating to "sell," while others maintain a "Moderate Buy" average rating.

Frontline (NYSE:FRO - Get Free Report) announced its quarterly earnings results on Friday. The shipping company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06), Zacks reports. Frontline had a net margin of 17.67% and a return on equity of 12.67%.

Frontline Price Performance

NYSE:FRO opened at $20.74 on Friday. Frontline has a 52 week low of $12.40 and a 52 week high of $25.68. The firm has a market cap of $4.62 billion, a price-to-earnings ratio of 13.30 and a beta of 0.22. The firm's 50-day simple moving average is $18.68 and its 200 day simple moving average is $17.32. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82.

Frontline Announces Dividend

The firm also recently declared a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were given a dividend of $0.18 per share. This represents a yield of 397.0%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline's dividend payout ratio (DPR) is currently 46.15%.

Hedge Funds Weigh In On Frontline

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC acquired a new stake in Frontline during the 1st quarter worth approximately $7,587,000. Balyasny Asset Management L.P. boosted its position in Frontline by 28.3% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,560,908 shares of the shipping company's stock worth $25,614,000 after buying an additional 344,706 shares during the period. Merewether Investment Management LP acquired a new stake in Frontline during the 2nd quarter worth approximately $5,246,000. The Manufacturers Life Insurance Company boosted its position in Frontline by 27.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company's stock worth $15,477,000 after buying an additional 202,142 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in Frontline during the 2nd quarter worth approximately $1,814,000. 22.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $20.62.

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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