Frontline plc (NYSE:FRO) Receives $27.58 Consensus Price Target from Brokerages

Shares of Frontline plc (NYSE:FRO) have received a consensus recommendation of “Buy” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $28.06.

FRO has been the topic of several recent research reports. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 target price on shares of Frontline in a report on Friday, August 30th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Monday. Finally, Evercore ISI reduced their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd.

Hedge Funds Weigh In On Frontline

Several large investors have recently modified their holdings of the business. ICA Group Wealth Management LLC bought a new position in Frontline in the 4th quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Frontline in the second quarter worth $31,000. Summit Securities Group LLC raised its stake in shares of Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. lifted its holdings in Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after buying an additional 4,618 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

NYSE:FRO opened at $25.67 on Tuesday. The stock’s 50 day moving average price is $23.41 and its two-hundred day moving average price is $24.47. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 8.98 and a beta of 0.04. Frontline has a 12-month low of $18.34 and a 12-month high of $29.39.

Frontline (NYSE:FRO) last announced its earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). The business had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same period in the prior 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.

Frontline Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 9.66%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is currently 86.71%.

About Frontline

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.