Frontline plc (NYSE:FRO) Given Consensus Recommendation of “Buy” by Brokerages

Frontline plc (NYSE:FRO) has earned an average rating of “Buy” from the six analysts that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $27.26.

Several brokerages have weighed in on FRO. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, October 7th. Jefferies Financial Group lowered their price target on Frontline from $30.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, November 14th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. Finally, Evercore ISI decreased their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd.

Frontline Trading Up 1.6 %

FRO stock opened at $20.51 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The business’s fifty day simple moving average is $21.65 and its two-hundred day simple moving average is $23.84. Frontline has a twelve month low of $18.26 and a twelve month high of $29.39.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The firm had revenue of $409.72 million for the quarter, compared to analysts’ expectations of $383.88 million. During the same quarter in the prior year, the business posted $0.94 EPS. As a group, analysts predict that Frontline will post 1.88 earnings per share for the current year.

Frontline Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 12.09%. The ex-dividend date was Friday, September 13th. Frontline’s payout ratio is 93.23%.

Institutional Investors Weigh In On Frontline

Several large investors have recently bought and sold shares of the stock. Private Advisor Group LLC grew its stake in Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after buying an additional 490 shares during the last quarter. IHT Wealth Management LLC grew its stake in Frontline by 3.5% during the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after buying an additional 535 shares during the last quarter. Summit Securities Group LLC grew its stake in Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after buying an additional 600 shares during the last quarter. Cozad Asset Management Inc. grew its stake in Frontline by 6.4% during the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after buying an additional 785 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after buying an additional 871 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

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.