Frontline PLC (NYSE:FRO – Get Free Report) has been given a consensus recommendation of “Hold” by the nine ratings firms that are currently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $41.6150.
Several analysts have recently issued reports on FRO shares. Piper Sandler cut shares of Frontline to a “neutral” rating in a research report on Friday, February 27th. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Danske cut shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Pareto Securities cut shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research report on Monday, May 25th. Finally, BTIG Research raised their target price on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday.
Read Our Latest Stock Analysis on Frontline
Frontline Stock Down 7.8%
Frontline (NYSE:FRO – Get Free Report) last issued its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.03). The business 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%.The firm’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS.
Frontline Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 17.5%. This is a positive change from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. Frontline’s dividend payout ratio is 152.71%.
Institutional Trading of Frontline
Several hedge funds have recently added to or reduced their stakes in FRO. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline in the fourth quarter valued at approximately $25,000. Assetmark Inc. raised its holdings in Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock valued at $34,000 after acquiring an additional 716 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in Frontline in the third quarter valued at approximately $41,000. Parallel Advisors LLC raised its holdings in Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after acquiring an additional 486 shares in the last quarter. Finally, NFSG Corp raised its holdings in Frontline by 50.0% in the first quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock valued at $52,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds 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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