Frontline plc (NYSE:FRO) Announces $0.62 Quarterly Dividend

Frontline plc (NYSE:FRO) declared a quarterly dividend on Friday, August 30th, NASDAQ reports. Stockholders of record on Friday, September 13th will be paid a dividend of 0.62 per share by the shipping company on Monday, September 30th. This represents a $2.48 annualized dividend and a dividend yield of 11.33%. The ex-dividend date of this dividend is Friday, September 13th.

Frontline has increased its dividend payment by an average of 17.1% annually over the last three years. Frontline has a payout ratio of 65.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Frontline to earn $3.03 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 81.8%.

Frontline Price Performance

FRO stock traded up $0.08 during midday trading on Wednesday, reaching $21.88. 441,966 shares of the company’s stock traded hands, compared to its average volume of 1,765,028. The company has a 50-day simple moving average of $23.75 and a two-hundred day simple moving average of $24.46. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline has a 1-year low of $15.94 and a 1-year high of $29.39. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 7.65 and a beta of 0.05.

Frontline (NYSE:FRO) last announced its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The business had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter last year, the business posted $0.94 earnings per share. On average, analysts anticipate that Frontline will post 2.62 earnings per share for the current year.

Analyst Ratings Changes

FRO has been the topic of several research analyst reports. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Evercore ISI dropped their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.58.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.