Frontline PLC (FRO) to Issue Quarterly Dividend of $2.61 on September 28th

Frontline PLC (NYSE:FRO) declared a quarterly dividend on Friday, September 11th. Investors of record on Friday, September 18th will be given a dividend of 2.61 per share by the shipping company on Monday, September 28th. This represents a c) dividend on an annualized basis and a yield of 20.2%. The ex-dividend date is Friday, September 18th. This is a 68.4% increase from Frontline’s previous quarterly dividend of $1.55.

Frontline has decreased its dividend by an average of 0.1%annually over the last three years. Frontline has a dividend payout ratio of 346.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Frontline Price Performance

Shares of NYSE:FRO opened at $51.62 on Wednesday. Frontline has a twelve month low of $20.47 and a twelve month high of $52.94. The firm has a market capitalization of $11.49 billion, a price-to-earnings ratio of 7.74 and a beta of 0.05. The stock’s 50 day moving average is $41.57 and its 200-day moving average is $38.04. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). The business had revenue of $943.30 million for the quarter, compared to analyst estimates of $758.89 million. Frontline had a net margin of 49.47% and a return on equity of 44.24%. The firm’s quarterly revenue was up 96.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 earnings per share.

Analyst Ratings Changes

Several brokerages have weighed in on FRO. Weiss Ratings upgraded Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. BTIG Research upped their target price on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Nordea Equity Research lowered Frontline to a “hold” rating in a report on Monday, August 31st. Finally, Pareto Securities cut Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a research note on Monday, May 25th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $41.62.

Frontline Company Profile

Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.

The company’s vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.