Shares of Frontline PLC (NYSE:FRO – Get Free Report) have earned an average recommendation of “Hold” from the eleven analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $45.37.
FRO has been the subject of a number of research analyst reports. DZ Bank lowered Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Nordea Equity Research lowered shares of Frontline to a “hold” rating in a report on Monday, August 31st. Weiss Ratings raised shares of Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, August 28th. BTIG Research raised their target price on shares of Frontline from $55.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Finally, Wall Street Zen raised Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th.
Frontline Price Performance
Frontline (NYSE:FRO – Get Free Report) last posted its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.13). Frontline had a return on equity of 44.24% and a net margin of 49.47%.The firm had revenue of $943.30 million for the quarter, compared to analysts’ expectations of $758.89 million. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 96.5% compared to the same quarter last year.
Frontline Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Friday, September 18th were paid a $2.61 dividend. This represents a $10.44 dividend on an annualized basis and a yield of 19.7%. This is a boost from Frontline’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Friday, September 18th. Frontline’s payout ratio is currently 156.52%.
Institutional Investors Weigh In On Frontline
Hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership boosted its position in Frontline by 4,659.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock valued at $202,080,000 after acquiring an additional 5,662,172 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Frontline during the second quarter valued at about $50,846,000. Renaissance Technologies LLC boosted its holdings in shares of Frontline by 133.5% in the 1st quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company’s stock valued at $32,344,000 after buying an additional 530,500 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Frontline in the 2nd quarter valued at about $30,123,000. Finally, Amundi grew its position in shares of Frontline by 162.6% in the 2nd quarter. Amundi now owns 847,488 shares of the shipping company’s stock worth $29,809,000 after buying an additional 524,804 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.
About Frontline
Frontline plc (NYSE: FRO) is a maritime transportation company that owns and operates a fleet of crude oil and refined petroleum product tankers. Its vessels transport energy commodities for oil companies, commodity traders, refineries and other customers in international markets.
The company’s fleet primarily includes very large crude carriers (VLCCs), Suezmax tankers and Aframax or LR2 tankers. Frontline generally employs its vessels through a combination of voyage charters, time charters and commercial pool arrangements, allowing it to serve major global shipping routes and connect oil-producing regions with refineries and consuming markets.
Frontline has roots in the Norwegian shipping industry and is associated with shipping entrepreneur John Fredriksen.
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