Frontline PLC (NYSE:FRO) Receives $20.62 Consensus PT 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.

Shares of Frontline PLC (NYSE:FRO - Get Free Report) have received a consensus rating of "Moderate Buy" from the five brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $21.8725.

Several research firms have weighed in on FRO. Jefferies Financial Group reaffirmed a "buy" rating and issued a $25.00 price target on shares of Frontline in a research note on Friday. Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th.

Institutional Investors Weigh In On Frontline

A number of institutional investors and hedge funds have recently made changes to their positions in FRO. Raymond James Financial Inc. acquired a new stake in shares of Frontline in the 4th quarter worth about $241,000. Guggenheim Capital LLC acquired a new stake in shares of Frontline in the 4th quarter worth about $203,000. Tower Research Capital LLC TRC raised its holdings in shares of Frontline by 5,500.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock worth $159,000 after acquiring an additional 11,000 shares during the last quarter. IHT Wealth Management LLC raised its holdings in shares of Frontline by 5.2% in the 4th quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company's stock worth $235,000 after acquiring an additional 819 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Frontline in the 4th quarter worth about $184,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Frontline Stock Up 1.1%

FRO traded up $0.24 during midday trading on Tuesday, hitting $20.96. The company had a trading volume of 4,177,565 shares, compared to its average volume of 2,313,232. Frontline has a 52 week low of $12.40 and a 52 week high of $25.68. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of 19.59 and a beta of 0.25. The stock's 50 day moving average price is $18.72 and its 200 day moving average price is $17.35.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). Frontline had a net margin of 12.94% and a return on equity of 10.31%. The company had revenue of $282.95 million during the quarter, compared to the consensus estimate of $328.71 million. During the same period last year, the firm posted $0.62 earnings per share. The company's revenue for the quarter was up 34.2% on a year-over-year basis. On average, research analysts anticipate that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend is Friday, September 12th. Frontline's payout ratio is 67.29%.

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.