Frontline (NYSE:FRO) Cut to “Hold” at Kepler Capital Markets

Kepler Capital Markets downgraded shares of Frontline (NYSE:FRO) from a buy rating to a hold rating in a research report released on Thursday morning, MarketBeat reports. The firm currently has $15.83 target price on the shipping company’s stock.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $26.00 price objective on shares of Frontline in a research note on Wednesday, November 27th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday, October 7th. Finally, StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Frontline has an average rating of “Moderate Buy” and an average price target of $25.36.

Frontline Trading Up 3.5 %

Shares of FRO opened at $14.21 on Thursday. Frontline has a 1 year low of $13.71 and a 1 year 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 stock has a 50 day simple moving average of $19.32 and a two-hundred day simple moving average of $22.53.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the prior year, the business earned $0.36 earnings per share. On average, equities analysts anticipate that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.57%. Frontline’s dividend payout ratio is presently 55.51%.

Institutional Investors Weigh In On Frontline

Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its stake in Frontline by 1,326.2% in the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after purchasing an additional 490,486 shares during the period. M&G PLC increased its stake in shares of Frontline by 27.2% during the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after purchasing an additional 237,446 shares in the last quarter. Forest Avenue Capital Management LP grew its stake in shares of Frontline by 12.7% in the 2nd quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after buying an additional 161,518 shares during the last quarter. Point72 Europe London LLP purchased a new position in Frontline during the third quarter valued at $3,219,000. Finally, Hsbc Holdings PLC boosted its holdings in Frontline by 7.7% in the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after acquiring an additional 138,011 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

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.