Brokerages Set Frontline plc (NYSE:FRO) Price Target at $25.36

Frontline plc (NYSE:FRO) has been given an average recommendation of “Moderate Buy” by the seven research firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $24.36.

FRO has been the subject of several research analyst reports. Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. StockNews.com upgraded Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note 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 for the company in a research note on Monday, October 7th. Finally, Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a report on Thursday, December 12th.

Institutional Trading of Frontline

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

Frontline Stock Up 0.1 %

FRO stock opened at $13.82 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a 50 day simple moving average of $18.86 and a 200-day simple moving average of $22.29. The company has a market capitalization of $3.08 billion and a P/E ratio of 5.64. Frontline has a twelve month low of $13.41 and a twelve month high of $29.39.

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 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 quarter last year, the business earned $0.36 EPS. On average, equities research analysts predict that Frontline will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 9.84%. Frontline’s dividend payout ratio is currently 55.51%.

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.