Frontline PLC (NYSE:FRO) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Frontline PLC (NYSE:FRO) has received a consensus rating of "Moderate Buy" from five brokerages, with an average 12-month price target of $20.62.
• The company recently announced a dividend yielding 397.0%, with a payout ratio of 46.15%.
• In its latest quarterly earnings report, Frontline met earnings expectations with $0.18 EPS while revenues significantly exceeded forecasts at $427.87 million.

Frontline PLC (NYSE:FRO - Get Free Report) has been given a consensus rating of "Moderate Buy" by the five ratings firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $20.6225.

Separately, Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th.

Frontline Price Performance

NYSE FRO opened at $20.48 on Tuesday. The business's fifty day moving average price is $18.63 and its 200-day moving average price is $17.26. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 13.13 and a beta of 0.22. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. Frontline has a 1-year low of $12.40 and a 1-year high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $427.87 million for the quarter, compared to analysts' expectations of $252.26 million. Frontline had a return on equity of 12.67% and a net margin of 17.67%.The company's revenue was down 26.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 EPS. On average, equities analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Announces Dividend

The business also recently announced a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were issued a $0.18 dividend. This represents a yield of 397.0%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline's dividend payout ratio (DPR) is currently 46.15%.

Hedge Funds Weigh In On Frontline

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets bought a new position in Frontline in the 4th quarter worth $424,000. Summit Securities Group LLC raised its holdings in Frontline by 5,771.9% during the first quarter. Summit Securities Group LLC now owns 46,975 shares of the shipping company's stock valued at $698,000 after acquiring an additional 46,175 shares during the period. Svenska Handelsbanken AB publ raised its holdings in Frontline by 82.7% during the first quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company's stock valued at $803,000 after acquiring an additional 24,878 shares during the period. Mackenzie Financial Corp bought a new stake in Frontline during the first quarter valued at about $229,000. Finally, Deutsche Bank AG raised its holdings in Frontline by 9.6% during the first quarter. Deutsche Bank AG now owns 366,556 shares of the shipping company's stock valued at $5,443,000 after acquiring an additional 32,213 shares during the period. 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.

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