Frontline plc Declares Quarterly Dividend of $0.62 (NYSE:FRO)

Frontline plc (NYSE:FRO) announced a quarterly dividend on Friday, August 30th, NASDAQ reports. Investors 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 dividend on an annualized basis and a 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 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 Stock Up 0.4 %

Shares of FRO traded up $0.08 during trading hours on Wednesday, hitting $21.88. 441,966 shares of the company were exchanged, compared to its average volume of 1,765,028. The firm’s 50 day moving average is $23.75 and its 200-day moving average is $24.46. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. Frontline has a 52 week low of $15.94 and a 52 week high of $29.39. The company has a market cap of $4.95 billion, a PE ratio of 7.65 and a beta of 0.05.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period in the prior year, the business earned $0.94 EPS. On average, equities research analysts forecast that Frontline will post 2.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. Evercore ISI decreased their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group restated a “buy” rating and set a $30.00 price objective on shares of Frontline in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Frontline currently has a consensus rating of “Hold” and an average price target 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.