Frontline plc (NYSE:FRO) Given Consensus Rating of “Buy” by Analysts

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

FRO has been the topic of a number of recent research reports. Evercore ISI reduced their target price 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. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Monday, October 7th. StockNews.com upgraded shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $30.00 price objective on shares of Frontline in a research note on Friday, August 30th.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Frontline by 5,319.5% in the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after purchasing an additional 5,195,312 shares during the last quarter. M&G Plc bought a new stake in Frontline in the 1st quarter worth about $25,074,000. Forest Avenue Capital Management LP raised its position in Frontline by 12.7% in the 2nd quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after buying an additional 161,518 shares during the last quarter. Hsbc Holdings PLC lifted its stake in Frontline by 7.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock valued at $50,683,000 after acquiring an additional 138,011 shares during the period. Finally, Significant Wealth Partners LLC boosted its holdings in shares of Frontline by 569.6% during the 1st quarter. Significant Wealth Partners LLC now owns 154,545 shares of the shipping company’s stock valued at $3,613,000 after acquiring an additional 131,466 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Price Performance

Frontline stock opened at $20.22 on Friday. Frontline has a fifty-two week low of $18.34 and a fifty-two week high of $29.39. The stock’s 50 day simple moving average is $23.04 and its two-hundred day simple moving average is $24.34. 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 (NYSE:FRO) last released its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share 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 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 quarter in the prior year, the firm earned $0.94 earnings per share. As a group, equities analysts forecast that Frontline will post 2.62 earnings per share for the current year.

Frontline Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 12.27%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is currently 93.23%.

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.