Frontline (NYSE:FRO) Issues Earnings Results

Frontline (NYSE:FRO) issued its quarterly earnings data on Friday. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20, Zacks reports. The firm had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 EPS.

Frontline Stock Performance

FRO stock opened at $16.07 on Friday. Frontline has a 12-month low of $13.17 and a 12-month high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a 50 day moving average of $16.46 and a 200-day moving average of $19.20. The firm has a market cap of $3.58 billion and a PE ratio of 6.56.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.98%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s dividend payout ratio is presently 55.51%.

Analysts Set New Price Targets

Several research firms have recently issued reports on FRO. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a report on Thursday, December 12th. Jefferies Financial Group reduced their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $24.46.

About Frontline

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.