Frontline (NYSE:FRO) Hits New 1-Year High at $25.25

Frontline plc (NYSE:FRO - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $25.25 and last traded at $25.20, with a volume of 465300 shares trading hands. The stock had previously closed at $24.87.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. StockNews.com lowered Frontline from a "hold" rating to a "sell" rating in a research report on Wednesday, May 1st. Jefferies Financial Group upgraded shares of Frontline from a "hold" rating to a "buy" rating and increased their price target for the company from $22.00 to $30.00 in a research note on Thursday, March 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $17.00 to $26.00 in a research note on Tuesday, January 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of Frontline from $23.00 to $22.30 and set a "neutral" rating for the company in a research note on Friday, March 1st.

Frontline Stock Up 1.7 %

The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.45 and a current ratio of 1.78. The firm has a fifty day simple moving average of $23.49 and a 200-day simple moving average of $22.25. The firm has a market cap of $5.63 billion, a price-to-earnings ratio of 8.58 and a beta of 0.03.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.05). The company had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The business's quarterly revenue was down 21.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.97 EPS. As a group, sell-side analysts expect that Frontline plc will post 3.03 EPS for the current year.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were given a $0.37 dividend. This is an increase from Frontline's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.48 annualized dividend and a dividend yield of 5.85%. Frontline's dividend payout ratio is presently 50.17%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FRO. M&G Investment Management Ltd. acquired a new stake in shares of Frontline during the 4th quarter worth $27,883,000. Fiera Capital Corp bought a new position in Frontline in the third quarter valued at approximately $10,682,000. Forest Avenue Capital Management LP increased its stake in Frontline by 115.9% in the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company's stock valued at $21,207,000 after acquiring an additional 567,900 shares during the last quarter. Acadian Asset Management LLC raised its position in Frontline by 6,022.8% during the third quarter. Acadian Asset Management LLC now owns 502,682 shares of the shipping company's stock valued at $9,427,000 after purchasing an additional 494,472 shares in the last quarter. Finally, Paradiem LLC bought a new stake in Frontline during the fourth quarter worth $6,822,000. Institutional investors own 22.70% of the company's stock.

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.