Frontline PLC (NYSE:FRO – Get Free Report)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $40.17 and last traded at $39.0840, with a volume of 474330 shares. The stock had previously closed at $39.43.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on FRO shares. Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, May 22nd. Dnb Carnegie downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Wall Street Zen upgraded shares of Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Finally, BTIG Research boosted their target price on shares of Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $39.12.
Get Our Latest Analysis on Frontline
Frontline Price Performance
Frontline (NYSE:FRO – Get Free Report) last issued its quarterly earnings data on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). The firm had revenue of $714.24 million for the quarter, compared to analyst estimates of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.Frontline’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 EPS.
Frontline Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a yield of 15.9%. Frontline’s dividend payout ratio is presently 152.71%.
Institutional Investors Weigh In On Frontline
Institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership raised its holdings in Frontline by 4,659.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock worth $202,080,000 after purchasing an additional 5,662,172 shares during the period. Cooper Creek Partners Management LLC acquired a new stake in Frontline in the 1st quarter valued at $26,911,000. Voloridge Investment Management LLC purchased a new stake in shares of Frontline during the fourth quarter worth about $15,676,000. Balyasny Asset Management L.P. increased its stake in Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after buying an additional 686,212 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Frontline by 256.9% during the fourth quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after purchasing an additional 594,811 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.
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.
Featured Stories
- Five stocks we like better than Frontline
- Goldman’s S&P 500 Target Looks More Reachable After the Latest Rally
- 3 Stocks Diluting Shareholders to Fund Big Long-Term Opportunities
- Father’s Day Investing: 3 Stocks Built for Long-Term Returns
- This Golden Cross Could Send Urban Outfitters to New Highs
Receive News & Ratings for Frontline Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Frontline and related companies with MarketBeat.com's FREE daily email newsletter.
-etf-logo-1200x675.png){kind=logo}
