Frontline (NYSE:FRO) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Frontline (NYSE:FRO) from a hold rating to a sell rating in a research note published on Wednesday.

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of Frontline from $23.00 to $22.30 and set a neutral rating for the company in a report on Friday, March 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a hold rating to a buy rating and raised their price target for the stock from $17.00 to $26.00 in a report on Tuesday, January 9th. Finally, Jefferies Financial Group upgraded shares of Frontline from a hold rating to a buy rating and raised their price target for the stock from $22.00 to $30.00 in a report on Thursday, March 21st.

Frontline Stock Down 0.4 %

Shares of NYSE FRO opened at $23.39 on Wednesday. The company has a 50 day simple moving average of $23.34 and a 200 day simple moving average of $22.13. The firm has a market cap of $5.21 billion, a PE ratio of 7.93 and a beta of 0.06. Frontline has a 1 year low of $13.35 and a 1 year high of $25.14. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.78 and a quick ratio of 1.79.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business had revenue of $415.00 million during the quarter, compared to the consensus estimate of $280.36 million. During the same quarter last year, the business earned $0.97 EPS. The firm’s quarterly revenue was down 21.7% compared to the same quarter last year. On average, research analysts forecast that Frontline will post 3.09 EPS for the current year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were given a dividend of $0.37 per share. This is an increase from Frontline’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.48 annualized dividend and a dividend yield of 6.33%. Frontline’s dividend payout ratio (DPR) is 50.17%.

Institutional Trading of Frontline

Several large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Frontline during the 1st quarter worth approximately $1,452,000. Newbridge Financial Services Group Inc. grew its position in shares of Frontline by 150.6% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 3,619 shares of the shipping company’s stock worth $85,000 after buying an additional 2,175 shares during the period. Global Retirement Partners LLC grew its position in Frontline by 4.2% in the 1st quarter. Global Retirement Partners LLC now owns 13,307 shares of the shipping company’s stock valued at $311,000 after purchasing an additional 534 shares during the period. Paradiem LLC grew its position in Frontline by 5.4% in the 1st quarter. Paradiem LLC now owns 358,688 shares of the shipping company’s stock valued at $8,386,000 after purchasing an additional 18,452 shares during the period. Finally, Kovack Advisors Inc. acquired a new stake in Frontline in the 1st quarter valued at $440,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

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.