BTIG Research Increases Frontline (NYSE:FRO) Price Target to $30.00

Key Points

• BTIG Research has increased its target price for Frontline (NYSE:FRO) from $25.00 to $30.00, indicating a potential upside of 26.85% from the stock's previous close.
• Despite the optimistic outlook from BTIG, Frontline's recent quarterly earnings revealed an EPS of $0.36, missing analyst estimates, while revenue of $282.95 million fell short of expectations.
• Institutional investors have shown significant interest, with some raising their positions by substantial percentages, indicating growing confidence in Frontline's prospects.

Frontline (NYSE:FRO - Free Report) had its target price boosted by BTIG Research from $25.00 to $30.00 in a research report report published on Wednesday morning, MarketBeat.com reports. They currently have a buy rating on the shipping company's stock.

A number of other research firms have also weighed in on FRO. Wall Street Zen lowered shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Jefferies Financial Group reissued a "buy" rating and set a $25.00 target price on shares of Frontline in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Frontline has a consensus rating of "Moderate Buy" and an average price target of $21.87.

Frontline Stock Performance

Frontline stock traded down $0.66 on Wednesday, reaching $23.21. 2,109,955 shares of the stock were exchanged, compared to its average volume of 2,575,094. The stock has a market cap of $5.17 billion, a PE ratio of 21.69 and a beta of 0.25. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. Frontline has a twelve month low of $12.40 and a twelve month high of $25.68. The firm has a fifty day moving average price of $20.23 and a two-hundred day moving average price of $17.98.

Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). The firm had revenue of $282.95 million for the quarter, compared to analyst estimates of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The firm's revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. Sell-side analysts anticipate that Frontline will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend is Friday, September 12th. Frontline's dividend payout ratio is currently 134.58%.

Institutional Trading of Frontline

Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its stake in Frontline by 59.3% during the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after buying an additional 989 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Frontline by 17.5% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,730 shares of the shipping company's stock valued at $160,000 after purchasing an additional 1,447 shares during the last quarter. Financial Gravity Companies Inc. bought a new stake in shares of Frontline during the second quarter valued at approximately $25,000. TD Asset Management Inc grew its stake in shares of Frontline by 9.9% during the second quarter. TD Asset Management Inc now owns 17,079 shares of the shipping company's stock valued at $281,000 after purchasing an additional 1,535 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its stake in shares of Frontline by 9.3% during the second quarter. SBI Securities Co. Ltd. now owns 21,425 shares of the shipping company's stock valued at $352,000 after purchasing an additional 1,825 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

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.