Frontline PLC (NYSE:FRO) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Frontline PLC (NYSE:FRO) have received a consensus rating of “Hold” from the eleven ratings firms that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $41.6150.

A number of analysts recently weighed in on FRO shares. DZ Bank cut shares of Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Nordea Equity Research lowered Frontline to a “hold” rating in a research note on Monday. Danske lowered Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. Weiss Ratings upgraded Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, August 28th. Finally, Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective on the stock. in a report on Monday, May 25th.

Frontline Price Performance

Shares of NYSE FRO opened at $46.13 on Friday. Frontline has a twelve month low of $20.47 and a twelve month high of $47.04. The company has a current ratio of 1.87, a quick ratio of 2.03 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $10.27 billion, a price-to-earnings ratio of 6.92 and a beta of 0.05. The firm has a 50-day moving average of $39.84 and a two-hundred day moving average of $37.30.

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

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, September 18th will be issued a dividend of $2.61 per share. This is an increase from Frontline’s previous quarterly dividend of $1.55. This represents a $10.44 dividend on an annualized basis and a dividend yield of 22.6%. The ex-dividend date is Friday, September 18th. Frontline’s dividend payout ratio (DPR) is presently 92.95%.

Hedge Funds Weigh In On Frontline

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Frontline in the second quarter valued at $50,846,000. Energy Income Partners LLC purchased a new stake in Frontline in the 2nd quarter worth about $1,202,000. Sei Investments Co. acquired a new stake in Frontline during the 1st quarter worth about $948,000. Empowered Funds LLC purchased a new position in Frontline during the 2nd quarter valued at about $2,950,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Frontline in the 1st quarter valued at about $1,151,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

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.