Frontline (NYSE:FRO) Trading Up 4.2%

Shares of Frontline plc (NYSE:FRO) were up 4.2% during trading on Monday . The company traded as high as $17.05 and last traded at $17.02. Approximately 2,021,981 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 3,270,341 shares. The stock had previously closed at $16.34.

Analysts Set New Price Targets

A number of analysts have recently commented on FRO shares. StockNews.com raised Frontline from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Jefferies Financial Group restated a “hold” rating and issued a $17.00 price objective on shares of Frontline in a research report on Thursday, August 24th. Deutsche Bank Aktiengesellschaft downgraded Frontline from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a report on Friday, August 25th. Finally, JPMorgan Chase & Co. began coverage on Frontline in a report on Tuesday, August 15th. They issued a “neutral” rating and a $20.00 price target for the company. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Frontline Price Performance

The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 4.49 and a beta of 0.24. The company has a 50 day simple moving average of $16.77 and a 200-day simple moving average of $15.94. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.84.

Frontline (NYSE:FRO) last announced its earnings results on Wednesday, August 23rd. The shipping company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.10. The business had revenue of $522.15 million for the quarter, compared to analyst estimates of $353.46 million. Frontline had a return on equity of 31.87% and a net margin of 42.38%. During the same quarter last year, the firm earned $0.21 EPS. Research analysts expect that Frontline plc will post 2.79 EPS for the current year.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.80 per share. The ex-dividend date is Thursday, September 14th. This represents a $3.20 dividend on an annualized basis and a yield of 18.82%. This is a boost from Frontline’s previous quarterly dividend of $0.70. Frontline’s dividend payout ratio (DPR) is presently 86.25%.

Hedge Funds Weigh In On Frontline

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Godsey & Gibb Inc. bought a new position in shares of Frontline during the 1st quarter worth approximately $25,000. Harbour Investments Inc. bought a new position in Frontline during the first quarter worth $26,000. PNC Financial Services Group Inc. boosted its holdings in shares of Frontline by 71.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,999 shares of the shipping company’s stock worth $29,000 after buying an additional 836 shares during the period. State of Wyoming bought a new stake in shares of Frontline during the 4th quarter worth about $28,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Frontline during the 2nd quarter worth about $39,000. Institutional investors own 25.66% of the company’s stock.

About Frontline

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.