Frontline plc (NYSE:FRO) Receives $24.46 Consensus Price Target from Analysts

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

Several equities analysts have issued reports on the stock. Jefferies Financial Group dropped their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets lowered shares of Frontline from a “hold” rating to a “strong sell” rating in a report on Thursday, March 27th.

Institutional Investors Weigh In On Frontline

A number of institutional investors have recently made changes to their positions in FRO. Jefferies Financial Group Inc. purchased a new stake in shares of Frontline in the 4th quarter valued at $425,000. Public Employees Retirement System of Ohio grew its position in Frontline by 10.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 48,706 shares of the shipping company’s stock valued at $671,000 after acquiring an additional 4,716 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Frontline by 69.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 164,856 shares of the shipping company’s stock worth $2,339,000 after purchasing an additional 67,445 shares during the period. Vident Advisory LLC lifted its position in shares of Frontline by 62.7% during the fourth quarter. Vident Advisory LLC now owns 28,503 shares of the shipping company’s stock worth $404,000 after purchasing an additional 10,982 shares in the last quarter. Finally, Wexford Capital LP purchased a new position in shares of Frontline in the fourth quarter valued at approximately $312,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Stock Performance

Shares of NYSE FRO opened at $14.87 on Friday. Frontline has a 1 year low of $13.17 and a 1 year high of $29.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The company’s fifty day moving average price is $16.54 and its 200 day moving average price is $18.03. The company has a market capitalization of $3.31 billion, a PE ratio of 6.07 and a beta of -0.04.

Frontline (NYSE:FRO) last posted its earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million for 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%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.46 EPS. On average, research analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.38%. Frontline’s dividend payout ratio is currently 36.04%.

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.