Frontline plc (NYSE:FRO) Plans $0.20 Quarterly Dividend

Frontline plc (NYSE:FRO) declared a quarterly dividend on Friday, February 28th, NASDAQ Dividends reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.20 per share by the shipping company on Monday, March 31st. 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 has a dividend payout ratio of 41.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Frontline to earn $2.34 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 58.1%.

Frontline Stock Performance

Shares of FRO stock opened at $16.07 on Friday. The stock has a market cap of $3.58 billion and a PE ratio of 6.56. The business has a 50-day simple moving average of $16.46 and a 200-day simple moving average of $19.20. 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 52-week low of $13.17 and a 52-week high of $29.39.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $425.60 million during the quarter, compared to analysts’ expectations of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, equities analysts expect that Frontline will post 1.78 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on FRO. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a report on Thursday, December 12th. Jefferies Financial Group reduced their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.