Frontline (NYSE:FRO) Hits New 12-Month High - What's Next?

Key Points

• Frontline shares reached a new 52-week high of $43.16 and last traded near $43, up 2.5%, with a market capitalization of approximately $9.63 billion.
• Analyst sentiment is mixed: four analysts rate the stock a Buy and five rate it a Hold, producing a consensus Hold rating and an average price target of $41.62; BTIG raised its target to $55.
• Frontline increased its quarterly dividend to $1.55, equivalent to an annualized $6.20 and a 14.3% yield, although its payout ratio is elevated at 152.71%.

Shares of Frontline PLC (NYSE:FRO - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $43.16 and last traded at $42.9990, with a volume of 939697 shares. The stock had previously closed at $42.18.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FRO shares. Danske downgraded shares of Frontline to a "hold" rating in a report on Tuesday, May 26th. Weiss Ratings lowered Frontline from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, August 12th. Evercore cut Frontline from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 21st. Wall Street Zen downgraded Frontline from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, BTIG Research upped their target price on Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $41.62.

Frontline Trading Up 2.5%

The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. The business has a 50 day moving average of $38.44 and a 200-day moving average of $35.88. The stock has a market cap of $9.63 billion, a PE ratio of 10.63 and a beta of 0.02.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 14.3%. This is a positive change from Frontline's previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. Frontline's payout ratio is presently 152.71%.

Institutional Trading of Frontline

A number of large investors have recently made changes to their positions in the stock. University of Texas Texas AM Investment Management Co. acquired a new position in Frontline in the 4th quarter valued at about $25,000. Fiduciary Financial Advisors purchased a new position in shares of Frontline during the second quarter valued at approximately $28,000. Assetmark Inc. lifted its stake in shares of Frontline by 278.6% during the first quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock valued at $34,000 after buying an additional 716 shares during the period. Sunbelt Securities Inc. acquired a new stake in Frontline during the third quarter worth approximately $41,000. Finally, Parallel Advisors LLC grew its stake in Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock worth $46,000 after acquiring an additional 486 shares during the period. Institutional investors and hedge funds own 22.70% of the company's stock.

About Frontline

Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.

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