Shares of Frontline plc (NYSE:FRO - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $26.77 and last traded at $26.65, with a volume of 884956 shares. The stock had previously closed at $26.57.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the stock. Jefferies Financial Group upgraded shares of Frontline from a "hold" rating to a "buy" rating and lifted their price target for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st. 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 report on Friday, March 1st. Finally, StockNews.com lowered shares of Frontline from a "hold" rating to a "sell" rating in a research report on Wednesday, May 1st.
Read Our Latest Analysis on Frontline
Frontline Price Performance
The firm's 50-day moving average is $23.76 and its 200-day moving average is $22.38. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.78 and a quick ratio of 1.45. The company has a market capitalization of $5.96 billion, a P/E ratio of 9.04 and a beta of 0.03.
Frontline (NYSE:FRO - Get Free Report) last announced its 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 for the quarter, compared to the consensus estimate of $280.36 million. During the same quarter last year, the firm posted $0.97 earnings per share. The business's quarterly revenue was down 21.7% compared to the same quarter last year. Analysts predict that Frontline plc will post 3.09 EPS for the current fiscal year.
Frontline Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 15th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.48 annualized dividend and a yield of 5.53%. This is an increase from Frontline's previous quarterly dividend of $0.30. Frontline's payout ratio is currently 50.17%.
Hedge Funds Weigh In On Frontline
Several hedge funds have recently modified their holdings of FRO. Commonwealth Equity Services LLC lifted its holdings in shares of Frontline by 175.7% in the third quarter. Commonwealth Equity Services LLC now owns 140,103 shares of the shipping company's stock worth $2,631,000 after buying an additional 89,284 shares in the last quarter. Raymond James & Associates purchased a new stake in Frontline during the third quarter valued at $523,000. Raymond James Financial Services Advisors Inc. raised its stake in Frontline by 7.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,490 shares of the shipping company's stock valued at $629,000 after purchasing an additional 2,221 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Frontline by 17.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,259 shares of the shipping company's stock valued at $512,000 after purchasing an additional 4,088 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in Frontline by 76.4% during the third quarter. Mackenzie Financial Corp now owns 45,182 shares of the shipping company's stock valued at $806,000 after purchasing an additional 19,570 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.
Frontline Company Profile
(
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.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Frontline, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Frontline wasn't on the list.
While Frontline currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
