Frontline (NYSE:FRO) Releases Earnings Results, Hits Estimates

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

Frontline Stock Down 5.5%

Shares of FRO stock traded down $1.04 on Wednesday, reaching $17.72. 2,010,726 shares of the stock were exchanged, compared to its average volume of 2,494,785. 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 business's 50 day moving average price is $16.12 and its 200 day moving average price is $16.36. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 7.23 and a beta of 0.24. Frontline has a twelve month low of $12.40 and a twelve month high of $29.39.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.52%. Frontline's dividend payout ratio (DPR) is currently 46.15%.

Institutional Trading of Frontline

A number of hedge funds and other institutional investors have recently bought and sold shares of FRO. 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 position in shares of Frontline by 12.4% during 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 in the last quarter. Finally, Royal Bank of Canada lifted its stake in Frontline by 32.3% during the first 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 last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI cut 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 equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.62.

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.