Brokerages Set Frontline plc (NYSE:FRO) PT at $27.58

Shares of Frontline plc (NYSE:FRO) have been given a consensus rating of “Buy” by the six brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $28.06.

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

Hedge Funds Weigh In On Frontline

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC acquired a new position in shares of Frontline in the 4th quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new position in Frontline during the 2nd quarter worth about $31,000. Summit Securities Group LLC increased its position in Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Frontline by 17,866.7% in the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after acquiring an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Frontline by 4,965.6% during the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Up 4.7 %

Frontline stock opened at $25.67 on Tuesday. Frontline has a 12 month low of $18.34 and a 12 month high of $29.39. 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 stock has a market cap of $5.71 billion, a P/E ratio of 8.98 and a beta of 0.04. The company’s fifty day simple moving average is $23.41 and its 200-day simple moving average is $24.47.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The firm had revenue of $409.72 million for 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 in the prior year, the firm earned $0.94 earnings per share. As a group, sell-side analysts forecast that Frontline will post 2.62 EPS for the current fiscal year.

Frontline Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 9.66%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is presently 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.