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

Shares of Frontline plc (NYSE:FRO) have received a consensus rating of “Buy” from the five research firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $24.46.

FRO has been the topic of several analyst reports. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. Jefferies Financial Group cut their target price on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th.

Frontline Price Performance

Frontline stock opened at $16.66 on Friday. The stock has a 50-day moving average price of $16.55 and a two-hundred day moving average price of $19.04. Frontline has a 12 month low of $13.17 and a 12 month high of $29.39. The company has a market capitalization of $3.71 billion and a PE ratio of 6.80. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) 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 analyst estimates of $273.16 million. During the same quarter last year, the business earned $0.46 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts expect that Frontline will post 1.78 EPS for the current 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 dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s dividend payout ratio is presently 36.04%.

Institutional Trading of Frontline

A number of large investors have recently bought and sold shares of FRO. Jones Financial Companies Lllp acquired a new position in shares of Frontline in the 4th quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new position in Frontline in the fourth quarter valued at approximately $84,000. National Bank of Canada FI lifted its stake in Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock valued at $87,000 after buying an additional 4,738 shares during the period. Blue Trust Inc. boosted its holdings in shares of Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after buying an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. acquired a new stake in shares of Frontline during the 4th quarter worth approximately $159,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.