Shares of Frontline PLC (NYSE:FRO – Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $54.03, but opened at $51.19. Frontline shares last traded at $51.4490, with a volume of 1,001,699 shares changing hands.
Analyst Upgrades and Downgrades
FRO has been the subject of several recent research reports. Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a report on Monday, May 25th. Danske cut Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. DZ Bank downgraded shares of Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Weiss Ratings upgraded shares of Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Finally, Nordea Equity Research downgraded shares of Frontline to a “hold” rating in a report on Monday, August 31st. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $45.37.
Frontline Stock Down 5.3%
Frontline (NYSE:FRO – Get Free Report) last posted its quarterly earnings results on Friday, August 28th. The shipping company reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). Frontline had a return on equity of 44.24% and a net margin of 49.47%.The company had revenue of $943.30 million during the quarter, compared to the consensus estimate of $758.89 million. During the same period last year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up 96.5% compared to the same quarter last year.
Frontline Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 18th will be given a $2.61 dividend. This is an increase from Frontline’s previous quarterly dividend of $1.55. This represents a $10.44 dividend on an annualized basis and a yield of 20.4%. The ex-dividend date of this dividend is Friday, September 18th. Frontline’s dividend payout ratio (DPR) is 92.95%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its stake in shares of 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 worth $202,080,000 after acquiring an additional 5,662,172 shares during the period. BlackRock Inc. bought a new stake in Frontline in the 2nd quarter valued at about $50,846,000. Renaissance Technologies LLC lifted its holdings in Frontline by 133.5% during the first quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company’s stock valued at $32,344,000 after purchasing an additional 530,500 shares during the last quarter. Bank of America Corp DE purchased a new stake in Frontline during the second quarter valued at about $30,123,000. Finally, Amundi boosted its position in Frontline by 162.6% during the second quarter. Amundi now owns 847,488 shares of the shipping company’s stock worth $29,809,000 after purchasing an additional 524,804 shares during the period. Hedge funds and other institutional investors own 22.70% of the company’s stock.
Frontline Company Profile
Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.
The company’s vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.
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