Frontline plc (NYSE:FRO) Given Consensus Recommendation of “Moderate Buy” by Analysts

Frontline plc (NYSE:FRO) has received a consensus recommendation of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $24.03.

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

Frontline Trading Up 6.6 %

NYSE:FRO opened at $18.36 on Thursday. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 7.49 and a beta of 0.01. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The company’s 50 day moving average price is $16.37 and its 200-day moving average price is $20.79. Frontline has a 52 week low of $13.17 and a 52 week high of $29.39.

Frontline (NYSE:FRO) last issued its earnings results on Wednesday, November 27th. The shipping company reported $0.34 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 period in the previous year, the company earned $0.36 EPS. On average, equities research analysts forecast that Frontline will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

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

Institutional Trading of Frontline

Several hedge funds have recently bought and sold shares of the stock. Harbour Capital Advisors LLC purchased a new position in shares of Frontline during the 4th quarter valued at about $439,000. Range Financial Group LLC bought a new stake in Frontline during the 4th quarter worth approximately $579,000. Teachers Retirement System of The State of Kentucky lifted its holdings in Frontline by 3.8% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after purchasing an additional 5,200 shares in the last quarter. Vestcor Inc bought a new position in shares of Frontline in the third quarter worth approximately $255,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Frontline in the third quarter worth $998,000. Institutional investors own 22.70% 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.