Brokerages Set Frontline plc (NYSE:FRO) Price Target at $20.62

Frontline plc (NYSE:FRO - Get Free Report) has been assigned an average rating of "Moderate Buy" from the five research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $20.62.

FRO has been the subject of several research reports. Evercore ISI lowered their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on Frontline in a report on Thursday, March 27th.

Hedge Funds Weigh In On Frontline

A number of institutional investors and hedge funds have recently bought and sold shares of FRO. Jones Financial Companies Lllp acquired a new position in shares of Frontline during the fourth quarter worth $31,000. Golden State Wealth Management LLC purchased a new stake in Frontline during the 4th quarter worth $84,000. National Bank of Canada FI lifted its holdings in Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock worth $87,000 after buying an additional 4,738 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after acquiring an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new stake in shares of Frontline during the fourth quarter worth about $159,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Trading Down 1.5 %

Shares of NYSE:FRO traded down $0.26 during midday trading on Wednesday, reaching $16.31. The company's stock had a trading volume of 1,140,127 shares, compared to its average volume of 2,380,684. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 6.66 and a beta of 0.20. The business has a 50 day moving average price of $15.45 and a 200 day moving average price of $16.79. Frontline has a 1 year low of $12.40 and a 1 year high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts' consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. During the same quarter in the prior year, the company posted $0.46 EPS. The company's quarterly revenue was up 2.6% compared to the same quarter last year. Research analysts forecast that Frontline will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.91%. Frontline's dividend payout ratio (DPR) is currently 36.04%.

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.