Frontline plc (NYSE:FRO) Receives $24.03 Average Target Price from Brokerages

Shares of Frontline plc (NYSE:FRO) have received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $24.03.

Several brokerages have commented on FRO. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research note on Thursday, December 12th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, October 7th. Jefferies Financial Group dropped their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th.

Institutional Investors Weigh In On Frontline

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRO. Harbour Capital Advisors LLC purchased a new position in shares of Frontline in the 4th quarter worth approximately $439,000. Range Financial Group LLC bought a new stake in Frontline in the fourth quarter worth $579,000. Teachers Retirement System of The State of Kentucky lifted its position in Frontline by 3.8% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock worth $3,279,000 after buying an additional 5,200 shares during the last quarter. Vestcor Inc purchased a new position in Frontline during the third quarter worth $255,000. Finally, Public Employees Retirement System of Ohio bought a new position in Frontline during the third quarter valued at $998,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Performance

NYSE:FRO opened at $18.36 on Thursday. The stock has a 50-day moving average price of $16.37 and a 200 day moving average price of $20.79. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a 12-month low of $13.17 and a 12-month high of $29.39. The stock has a market capitalization of $4.09 billion, a P/E ratio of 7.49 and a beta of 0.01.

Frontline (NYSE:FRO) last released its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the prior year, the firm posted $0.36 EPS. Equities research analysts forecast that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were given a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 7.41%. Frontline’s dividend payout ratio is currently 55.51%.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.