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

Frontline PLC (NYSE:FRO) has earned an average rating of “Moderate Buy” from the seven analysts that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $38.00.

A number of analysts have recently issued reports on the stock. Clarkson Capital raised shares of Frontline from a “neutral” rating to a “buy” rating in a research note on Monday, January 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Frontline in a research note on Friday, March 27th. Piper Sandler cut shares of Frontline to a “neutral” rating in a research note on Friday, February 27th. Evercore reissued an “outperform” rating and issued a $42.00 price objective on shares of Frontline in a research note on Friday, February 27th. Finally, Dnb Carnegie cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd.

Frontline Stock Down 4.2%

FRO opened at $34.95 on Wednesday. The company has a current ratio of 1.43, a quick ratio of 1.37 and a debt-to-equity ratio of 1.09. Frontline has a 1-year low of $13.04 and a 1-year high of $39.89. The company has a market capitalization of $7.78 billion, a PE ratio of 20.56 and a beta of 0.05. The firm’s 50 day simple moving average is $33.00 and its two-hundred day simple moving average is $26.93.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Saturday, February 28th. The shipping company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.10). The firm had revenue of $624.51 million during the quarter, compared to analysts’ expectations of $456.90 million. Frontline had a return on equity of 16.51% and a net margin of 19.31%.The business’s revenue for the quarter was up 46.7% on a year-over-year basis. During the same period last year, the company earned $0.20 earnings per share. As a group, equities analysts forecast that Frontline will post 1.78 EPS for the current year.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Thursday, March 12th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 11.8%. This is a boost from Frontline’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Thursday, March 12th. Frontline’s dividend payout ratio is currently 242.35%.

Institutional Trading of Frontline

Hedge funds and other institutional investors have recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Frontline in the fourth quarter worth $25,000. Sunbelt Securities Inc. purchased a new position in Frontline during the third quarter valued at $41,000. Sound Income Strategies LLC purchased a new position in Frontline during the fourth quarter valued at $53,000. CIBC Private Wealth Group LLC purchased a new position in Frontline during the third quarter valued at $80,000. Finally, Triumph Capital Management purchased a new position in Frontline during the third quarter valued at $97,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

About Frontline

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.