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Wall Street Zen Downgrades Frontline (NYSE:FRO) to Sell

Frontline logo with Transportation background

Wall Street Zen lowered shares of Frontline (NYSE:FRO - Free Report) from a hold rating to a sell rating in a research report sent to investors on Sunday.

Several other analysts also recently weighed in on the company. Evercore ISI cut their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price target on Frontline in a research report on Thursday, March 27th. Two 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 stock. According to data from MarketBeat.com, Frontline has a consensus rating of "Moderate Buy" and a consensus price target of $20.62.

Check Out Our Latest Stock Analysis on FRO

Frontline Stock Performance

Frontline stock traded down $0.35 during mid-day trading on Friday, hitting $17.92. 2,313,238 shares of the company's stock traded hands, compared to its average volume of 2,697,786. The firm has a 50 day moving average price of $17.93 and a 200 day moving average price of $16.63. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44. The company has a market cap of $3.99 billion, a PE ratio of 11.49 and a beta of 0.25. Frontline has a one year low of $12.40 and a one year high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. Frontline had a return on equity of 12.67% and a net margin of 17.67%. The firm's revenue for the quarter was down 26.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 EPS. On average, equities analysts forecast that Frontline will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The company also recently declared a dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th were given a dividend of $0.18 per share. This represents a dividend yield of 3.97%. The ex-dividend date was Thursday, June 12th. Frontline's dividend payout ratio (DPR) is presently 46.15%.

Hedge Funds Weigh In On Frontline

Hedge funds have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Frontline in the 2nd quarter worth $33,000. Bayforest Capital Ltd acquired a new position in shares of Frontline in the 1st quarter worth $34,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Frontline by 12.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company's stock worth $2,751,000 after acquiring an additional 20,370 shares during the last quarter. Murchinson Ltd. acquired a new position in shares of Frontline in the 1st quarter worth $676,000. Finally, Millennium Management LLC acquired a new position in shares of Frontline in the 1st quarter worth $7,587,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

About Frontline

(Get Free Report)

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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