Frontline plc (NYSE:FRO) Receives $24.03 Consensus PT from Brokerages

Frontline plc (NYSE:FRO) has been assigned an average rating of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $24.03.

Several research firms have issued reports on FRO. Jefferies Financial Group dropped their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research report on Thursday, December 12th.

Frontline Price Performance

FRO opened at $18.49 on Monday. Frontline has a 1 year low of $13.17 and a 1 year high of $29.39. The company’s 50 day simple moving average is $15.74 and its 200 day simple moving average is $20.00. The stock has a market capitalization of $4.12 billion and a PE ratio of 7.54. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last announced its quarterly earnings results 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 net margin of 25.64% and a return on equity of 19.25%. During the same quarter last year, the business posted $0.36 earnings per share. As a group, sell-side analysts expect that Frontline will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.36%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Hedge Funds Weigh In On Frontline

Several institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its position 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 purchasing an additional 490,486 shares during the last quarter. M&G PLC increased its stake in Frontline by 27.2% during the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after buying an additional 237,446 shares during the period. Point72 Europe London LLP bought a new stake in Frontline during the third quarter worth approximately $3,219,000. Cinctive Capital Management LP increased its position in shares of Frontline by 120.8% during the 3rd quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock valued at $2,389,000 after purchasing an additional 57,206 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in shares of Frontline in the 3rd quarter worth $1,077,000. 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.