Frontline plc (NYSE:FRO) Receives $24.03 Average Price Target from Analysts

Frontline plc (NYSE:FRO) has been assigned an average rating of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $24.03.

Several analysts recently weighed in on FRO shares. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, October 7th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group decreased their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Finally, Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a research report on Thursday, December 12th.

Frontline Stock Performance

Shares of NYSE:FRO opened at $17.24 on Thursday. The firm has a fifty day simple moving average of $16.39 and a two-hundred day simple moving average of $20.88. 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 market capitalization of $3.84 billion, a P/E ratio of 7.04 and a beta of 0.01. 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 Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate 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 period in the previous year, the business posted $0.36 earnings per share. On average, analysts expect that Frontline will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 7.89%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Institutional Trading of Frontline

A number of institutional investors have recently modified their holdings of FRO. Private Advisor Group LLC increased its position in shares of Frontline by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock valued at $243,000 after acquiring an additional 490 shares during the period. IHT Wealth Management LLC raised its position 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. TD Asset Management Inc lifted 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 valued at $258,000 after acquiring an additional 871 shares during the period. Godsey & Gibb Inc. purchased a new stake in shares of Frontline in the 3rd quarter valued at $25,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Frontline in the second quarter worth $31,000. 22.70% of the stock is currently owned by institutional investors.

Frontline Company Profile

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.