Frontline PLC (NYSE:FRO – Get Free Report) shares saw strong trading volume on Monday . 2,055,327 shares changed hands during mid-day trading, a decline of 42% from the previous session’s volume of 3,551,260 shares.The stock last traded at $38.5570 and had previously closed at $39.07.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on the stock. BTIG Research lifted their target price on shares of Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Pareto Securities cut shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a research note on Monday, May 25th. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Finally, Dnb Carnegie downgraded Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $39.12.
Check Out Our Latest Research Report on Frontline
Frontline Stock Performance
Frontline (NYSE:FRO – Get Free Report) last announced its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.03). Frontline had a net margin of 36.70% and a return on equity of 27.80%. The company had revenue of $714.24 million for the quarter, compared to analyst estimates of $579.59 million. During the same quarter last year, the business earned $0.18 EPS. The company’s revenue for the quarter was up 66.9% on a year-over-year basis.
Frontline Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be paid a $1.55 dividend. The ex-dividend date is Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 15.8%. Frontline’s dividend payout ratio is 152.71%.
Hedge Funds Weigh In On Frontline
Institutional investors and hedge funds have recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. bought a new position in Frontline during the fourth quarter worth $25,000. Assetmark Inc. increased its position in Frontline by 278.6% during the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after acquiring an additional 716 shares during the period. Sunbelt Securities Inc. bought a new position in Frontline during the third quarter worth $41,000. Parallel Advisors LLC increased its position in Frontline by 58.9% during the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after acquiring an additional 486 shares during the period. Finally, NFSG Corp increased its position in Frontline by 50.0% during the first quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock worth $52,000 after acquiring an additional 500 shares during the period. Institutional investors own 22.70% of the company’s stock.
About Frontline
Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.
Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.
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