Frontline plc (NYSE:FRO) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Frontline plc (NYSE:FRO) has earned a consensus rating of “Moderate Buy” from the five research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $20.62.

Several research analysts have commented on the company. Kepler Capital Markets set a $12.49 price objective on Frontline in a research report on Thursday, March 27th. Evercore ISI cut their price objective on Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd.

Frontline Price Performance

FRO stock opened at $18.32 on Friday. Frontline has a 52-week low of $12.40 and a 52-week high of $29.39. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 7.48 and a beta of 0.24. 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’s fifty day simple moving average is $15.82 and its 200-day simple moving average is $16.41.

Frontline (NYSE:FRO) last issued its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $425.60 million for the quarter, compared to analysts’ expectations of $273.16 million. During the same quarter last year, the firm earned $0.46 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts expect that Frontline will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date was Friday, March 14th. Frontline’s payout ratio is 36.04%.

Institutional Trading of Frontline

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Murchinson Ltd. purchased a new stake in shares of Frontline during the first quarter worth about $676,000. Millennium Management LLC purchased a new stake in shares of Frontline during the first quarter worth about $7,587,000. Interval Partners LP purchased a new stake in shares of Frontline during the first quarter worth about $537,000. Encompass Capital Advisors LLC purchased a new stake in shares of Frontline during the first quarter worth about $45,026,000. Finally, Corigliano Investment Advisers LLC purchased a new stake in shares of Frontline during the first quarter worth about $12,002,000. 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.