Frontline (NYSE:FRO) Price Target Raised to $70.00

Frontline (NYSE:FRO) had its target price hoisted by BTIG Research from $55.00 to $70.00 in a research report report published on Friday morning, Marketbeat Ratings reports. They currently have a buy rating on the shipping company’s stock.

A number of other analysts also recently issued reports on the stock. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 29th. Nordea Equity Research cut shares of Frontline to a “hold” rating in a research report on Monday, August 31st. DZ Bank cut Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Weiss Ratings upgraded Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Finally, Danske cut Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Frontline presently has an average rating of “Hold” and a consensus target price of $45.37.

Frontline Price Performance

Shares of NYSE:FRO opened at $51.39 on Friday. Frontline has a twelve month low of $20.47 and a twelve month high of $54.91. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.69. The company has a market cap of $11.44 billion, a PE ratio of 7.70 and a beta of 0.05. The company’s 50 day moving average is $42.50 and its 200 day moving average is $38.35.

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

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 18th will be issued a $2.61 dividend. This represents a $10.44 dividend on an annualized basis and a yield of 20.3%. The ex-dividend date is Friday, September 18th. This is a positive change from Frontline’s previous quarterly dividend of $1.55. Frontline’s payout ratio is currently 156.52%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Fiduciary Financial Advisors purchased a new stake in shares of Frontline in the second quarter valued at approximately $28,000. Assetmark Inc. increased its holdings in shares of Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 716 shares during the last quarter. Parallel Advisors LLC lifted its position in Frontline by 58.9% during the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after buying an additional 486 shares in the last quarter. Global Retirement Partners LLC purchased a new position in Frontline during the second quarter worth approximately $48,000. Finally, Allworth Financial LP purchased a new position in Frontline during the second quarter worth approximately $50,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

About Frontline

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.