Frontline (NYSE:FRO) Hits New 52-Week High - Here's What Happened

Frontline PLC (NYSE:FRO - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $47.22 and last traded at $46.57, with a volume of 2336302 shares traded. The stock had previously closed at $46.12.

Wall Street Analyst Weigh In

FRO has been the subject of a number of recent analyst reports. Wall Street Zen raised Frontline from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 29th. BTIG Research increased their target price on Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Weiss Ratings upgraded Frontline from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, August 28th. Nordea Equity Research lowered shares of Frontline to a "hold" rating in a report on Monday, August 31st. Finally, Danske downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research note on Friday, August 21st. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Frontline presently has a consensus rating of "Hold" and an average target price of $41.62.

Frontline Stock Performance

The stock has a 50-day moving average of $40.29 and a 200 day moving average of $37.54. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.87 and a quick ratio of 1.87. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of 6.98 and a beta of 0.05.

Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Friday, August 28th. The shipping company reported $2.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.74 by ($0.13). The business had revenue of $943.30 million for the quarter, compared to analyst estimates of $758.89 million. Frontline had a net margin of 49.47% and a return on equity of 44.24%. The business's revenue for the quarter was up 96.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 earnings per share.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 18th will be issued a $2.61 dividend. This is an increase from Frontline's previous quarterly dividend of $1.55. This represents a $10.44 annualized dividend and a yield of 22.4%. The ex-dividend date is Friday, September 18th. Frontline's dividend payout ratio (DPR) is currently 92.95%.

Institutional Trading of Frontline

A number of institutional investors have recently bought and sold shares of the business. Fiduciary Financial Advisors bought a new position in shares of Frontline in the 2nd quarter worth $28,000. Assetmark Inc. increased its holdings in Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock valued at $34,000 after purchasing an additional 716 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in Frontline in the fourth quarter valued at about $25,000. Parallel Advisors LLC lifted its stake in Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock valued at $46,000 after buying an additional 486 shares during the period. Finally, Global Retirement Partners LLC bought a new position in Frontline during the second quarter worth about $48,000. Institutional investors and hedge funds own 22.70% of the company's stock.

About Frontline

Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.

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