Frontline plc (NYSE:FRO) to Issue $0.18 Dividend

Frontline plc (NYSE:FRO - Get Free Report) announced a dividend on Friday, June 6th, investing.com reports. Stockholders of record on Friday, June 13th will be paid a dividend of 0.18 per share by the shipping company on Tuesday, June 24th. This represents a dividend yield of 3.97%. The ex-dividend date is Thursday, June 12th.

Frontline has a dividend payout ratio of 23.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Frontline to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 30.8%.

Frontline Stock Performance

Shares of NYSE FRO opened at $18.13 on Friday. Frontline has a 52-week low of $12.40 and a 52-week high of $27.23. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm's 50-day moving average price is $16.45 and its two-hundred day moving average price is $16.32. The stock has a market capitalization of $4.04 billion, a P/E ratio of 7.40 and a beta of 0.24.

Frontline (NYSE:FRO - Get Free Report) last announced its 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 the consensus estimate of $252.26 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm's revenue for the quarter was down 26.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 EPS. As a group, sell-side analysts forecast that Frontline will post 1.78 earnings per share for the current year.

Institutional Investors Weigh In On Frontline

Several hedge funds have recently modified their holdings of FRO. Millennium Management LLC purchased a new position in Frontline in the 1st quarter worth about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Frontline by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company's stock worth $2,751,000 after buying an additional 20,370 shares during the period. Finally, Royal Bank of Canada increased its position in shares of Frontline by 32.3% in the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company's stock worth $392,000 after acquiring an additional 6,424 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on FRO. Evercore ISI dropped their price objective on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on Frontline in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.62.

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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