Frontline PLC (NYSE:FRO) Given Consensus Recommendation of “Hold” by Analysts

Frontline PLC (NYSE:FRO) has been given an average recommendation of “Hold” by the nine analysts that are presently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $39.1150.

Several brokerages have weighed in on FRO. Dnb Carnegie downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Wall Street Zen upgraded shares of Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Piper Sandler downgraded shares of Frontline to a “neutral” rating in a report on Friday, February 27th. Finally, Danske lowered Frontline to a “hold” rating in a research note on Tuesday.

Institutional Investors Weigh In On Frontline

A number of institutional investors have recently added to or reduced their stakes in FRO. Vanguard Group Inc. boosted its position in shares of Frontline by 2.9% during the third quarter. Vanguard Group Inc. now owns 5,840,353 shares of the shipping company’s stock worth $133,738,000 after acquiring an additional 164,776 shares during the last quarter. Citigroup Inc. increased its holdings in Frontline by 185.8% in the 3rd quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock valued at $13,821,000 after acquiring an additional 394,226 shares during the last quarter. Ruffer LLP bought a new stake in Frontline in the 3rd quarter valued at $2,845,000. Melqart Asset Management UK Ltd purchased a new stake in Frontline in the 3rd quarter worth $437,000. Finally, UBS Group AG boosted its holdings in shares of Frontline by 18.2% during the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after purchasing an additional 217,760 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Stock Down 3.1%

NYSE FRO opened at $35.45 on Thursday. The stock’s 50-day moving average price is $35.82 and its 200-day moving average price is $30.12. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 1.09. Frontline has a 52 week low of $16.25 and a 52 week high of $39.89. The company has a market capitalization of $7.89 billion, a P/E ratio of 20.85 and a beta of 0.04.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, May 22nd. The shipping company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.07. The company had revenue of $714.24 million during the quarter, compared to the consensus estimate of $579.59 million. Frontline had a return on equity of 16.51% and a net margin of 19.31%.The firm’s revenue was up 66.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 17.5%. This is a positive change from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Friday, June 12th. Frontline’s dividend payout ratio is currently 242.35%.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.