Frontline plc (NYSE:FRO) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Frontline plc (NYSE:FRO) have been assigned an average rating of “Moderate Buy” from the five ratings firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $24.46.

Several brokerages have commented on FRO. Kepler Capital Markets cut shares of Frontline from a “hold” rating to a “strong sell” rating in a research report on Thursday. Jefferies Financial Group dropped their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. bought a new position in shares of Frontline during the 4th quarter valued at about $425,000. Public Employees Retirement System of Ohio raised its holdings in Frontline by 10.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 48,706 shares of the shipping company’s stock worth $671,000 after buying an additional 4,716 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Frontline by 69.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 164,856 shares of the shipping company’s stock valued at $2,339,000 after buying an additional 67,445 shares in the last quarter. Vident Advisory LLC boosted its holdings in shares of Frontline by 62.7% in the fourth quarter. Vident Advisory LLC now owns 28,503 shares of the shipping company’s stock valued at $404,000 after buying an additional 10,982 shares during the period. Finally, Wexford Capital LP bought a new stake in shares of Frontline during the fourth quarter worth $312,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Price Performance

Frontline stock opened at $14.95 on Friday. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 6.10 and a beta of -0.04. Frontline has a 12-month low of $13.17 and a 12-month high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business’s 50-day simple moving average is $16.59 and its 200 day simple moving average is $18.14.

Frontline (NYSE:FRO) last issued its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS. As a group, research analysts anticipate that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date is Friday, March 14th. Frontline’s dividend payout ratio is currently 36.04%.

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.