Frontline (NYSE:FRO) Releases Quarterly Earnings Results, Meets Estimates

Frontline (NYSE:FRO - Get Free Report) issued its earnings results on Friday. The shipping company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18, Zacks reports. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share. The business's revenue was down 26.0% on a year-over-year basis.

Frontline Trading Down 3.0%

Shares of NYSE:FRO opened at $17.17 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $3.82 billion, a PE ratio of 7.01 and a beta of 0.24. The business's fifty day simple moving average is $16.00 and its 200-day simple moving average is $16.39. Frontline has a 12-month low of $12.40 and a 12-month high of $29.39.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.66%. Frontline's payout ratio is presently 36.04%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a report on Thursday, March 27th. Evercore ISI dropped their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.62.

Institutional Investors Weigh In On Frontline

A number of large investors have recently bought and sold shares of the company. Millennium Management LLC acquired a new position in shares of Frontline during the 1st quarter worth about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 valued at $2,751,000 after buying an additional 20,370 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Frontline by 32.3% during the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company's stock worth $392,000 after purchasing an additional 6,424 shares during the period. Hedge funds and other institutional investors own 22.70% of the company's stock.

About Frontline

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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