Frontline plc (NYSE:FRO) Receives Average Recommendation of “Moderate Buy” from Analysts

Frontline plc (NYSE:FRO) has been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $24.46.

Several brokerages have recently weighed in on FRO. Jefferies Financial Group decreased their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a “hold” rating to a “strong sell” rating in a research note on Thursday.

Frontline Price Performance

Shares of FRO opened at $14.95 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a twelve month low of $13.17 and a twelve month high of $29.39. The stock has a market capitalization of $3.33 billion, a P/E ratio of 6.10 and a beta of -0.04. The company has a 50 day moving average of $16.59 and a 200-day moving average of $18.14.

Frontline (NYSE:FRO) last released its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. During the same quarter last year, the firm earned $0.46 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts forecast that Frontline will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 5.35%. Frontline’s dividend payout ratio (DPR) is currently 36.04%.

Hedge Funds Weigh In On Frontline

A number of institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp bought a new position in shares of Frontline during the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new stake in Frontline during the 4th quarter valued at $84,000. National Bank of Canada FI boosted its position in Frontline by 331.8% during the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after purchasing an additional 4,738 shares during the period. Blue Trust Inc. increased its holdings in shares of Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares during the last quarter. Finally, Nexpoint Asset Management L.P. bought a new position in shares of Frontline in the fourth quarter valued at about $159,000. Institutional investors and hedge funds 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.