Frontline PLC (NYSE:FRO) Receives $21.87 Average PT from Analysts

Key Points

• Frontline PLC has received a consensus rating of "Moderate Buy" from analysts, with five covering the stock, which includes one sell and one strong buy recommendation.
• The company recently reported earnings of $0.36 per share, missing consensus estimates of $0.42, while its revenue of $282.95 million also fell short of expectations.
• Frontline has announced a quarterly dividend of $0.36 per share, with a yield of 6.2%, despite a high payout ratio of 134.58%.

Frontline PLC (NYSE:FRO - Get Free Report) has been given an average recommendation of "Moderate Buy" by the five ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $21.8725.

Several analysts recently issued reports on the company. Wall Street Zen lowered Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. Jefferies Financial Group reiterated a "buy" rating and set a $25.00 price objective on shares of Frontline in a report on Friday, August 29th. Finally, BTIG Research increased their price objective on Frontline from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Wednesday, September 17th.

Frontline Stock Up 4.7%

Shares of FRO traded up $1.08 during mid-day trading on Friday, reaching $24.19. The company's stock had a trading volume of 1,497,742 shares, compared to its average volume of 2,959,661. The business has a fifty day moving average of $20.32 and a 200 day moving average of $18.04. The company has a market cap of $5.39 billion, a price-to-earnings ratio of 22.60 and a beta of 0.25. Frontline has a 1 year low of $12.40 and a 1 year high of $25.68. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 1.38.

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

Frontline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Friday, September 12th. Frontline's dividend payout ratio is presently 134.58%.

Hedge Funds Weigh In On Frontline

Hedge funds have recently bought and sold shares of the business. Financial Gravity Companies Inc. acquired a new position in Frontline during the second quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Frontline during the second quarter worth $33,000. SVB Wealth LLC acquired a new position in Frontline during the first quarter worth $32,000. Bayforest Capital Ltd acquired a new position in Frontline during the first quarter worth $34,000. Finally, Signaturefd LLC increased its position 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. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Company Profile

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.