Frontline (NYSE:FRO) Stock Price Up 5.7% – What’s Next?

Frontline PLC (NYSE:FRO) shares shot up 5.7% during mid-day trading on Wednesday . The stock traded as high as $54.69 and last traded at $54.5480. Approximately 3,353,445 shares traded hands during trading, an increase of 4% from the average daily volume of 3,238,533 shares. The stock had previously closed at $51.59.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FRO shares. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. DZ Bank lowered shares of Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Pareto Securities cut 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. BTIG Research boosted their price objective on Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Weiss Ratings raised Frontline from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, August 28th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $41.62.

Frontline Stock Performance

The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.87 and a current ratio of 1.87. The firm’s 50-day moving average price is $41.57 and its two-hundred day moving average price is $38.04. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 8.17 and a beta of 0.05.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.13). Frontline had a return on equity of 44.24% and a net margin of 49.47%.The firm had revenue of $943.30 million for the quarter, compared to analyst estimates of $758.89 million. During the same quarter in the previous year, the business posted $0.36 earnings per share. Frontline’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 paid a $2.61 dividend. This is a positive change from Frontline’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Friday, September 18th. This represents a $10.44 annualized dividend and a dividend yield of 19.1%. Frontline’s dividend payout ratio is currently 92.95%.

Institutional Trading of Frontline

Several institutional investors have recently made changes to their positions in FRO. Fiduciary Financial Advisors purchased a new position in Frontline in the second quarter worth approximately $28,000. Assetmark Inc. raised its position in 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 period. Parallel Advisors LLC raised its position in Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 486 shares during the period. Global Retirement Partners LLC acquired a new position in shares of Frontline in the 2nd quarter valued at $48,000. Finally, Allworth Financial LP acquired a new position in shares of Frontline in the 2nd quarter valued at $50,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

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.