Shares of Frontline plc (NYSE:FRO - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $24.68 and last traded at $24.48, with a volume of 842083 shares traded. The stock had previously closed at $23.10.
Analyst Ratings Changes
A number of equities analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Frontline from a "hold" rating to a "buy" rating and upped their price objective for the stock from $22.00 to $30.00 in a research report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a "hold" rating to a "buy" rating and upped their price objective for the stock from $17.00 to $26.00 in a research report on Tuesday, January 9th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Frontline from $23.00 to $22.30 and set a "neutral" rating for the company in a research report on Friday, March 1st.
Check Out Our Latest Report on Frontline
Frontline Stock Performance
The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40. The company's 50-day simple moving average is $23.09 and its 200-day simple moving average is $21.64. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 8.22 and a beta of 0.06.
Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.05). Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business had revenue of $415.00 million during the quarter, compared to analyst estimates of $280.36 million. During the same quarter last year, the company posted $0.97 earnings per share. The company's revenue was down 21.7% compared to the same quarter last year. On average, analysts expect that Frontline plc will post 3.01 EPS for the current year.
Frontline Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were paid a $0.37 dividend. This is a positive change from Frontline's previous quarterly dividend of $0.30. This represents a $1.48 dividend on an annualized basis and a dividend yield of 6.05%. The ex-dividend date was Thursday, March 14th. Frontline's dividend payout ratio is currently 50.17%.
Institutional Investors Weigh In On Frontline
A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Frontline by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,717,845 shares of the shipping company's stock valued at $51,567,000 after purchasing an additional 214,352 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of Frontline by 4.6% in the 1st quarter. Two Sigma Advisers LP now owns 4,684,450 shares of the shipping company's stock valued at $77,574,000 after purchasing an additional 207,450 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Frontline by 102.7% in the 4th quarter. Millennium Management LLC now owns 4,483,826 shares of the shipping company's stock valued at $54,434,000 after purchasing an additional 2,271,724 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Frontline by 58.8% in the 1st quarter. Renaissance Technologies LLC now owns 2,780,284 shares of the shipping company's stock valued at $45,987,000 after purchasing an additional 1,029,442 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Frontline by 594.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,360,781 shares of the shipping company's stock valued at $25,804,000 after purchasing an additional 2,020,869 shares during the last quarter. 22.70% of the stock is owned by institutional investors.
About Frontline
(
Get Free Report)
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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