Frontline plc (FRO) To Go Ex-Dividend on June 12th

Frontline plc (NYSE:FRO) declared a dividend on Friday, June 6th, investing.com reports. Investors of record on Friday, June 13th will be given a dividend of 0.18 per share by the shipping company on Tuesday, June 24th. This represents a yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 12th.

Frontline has a dividend payout ratio of 23.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Frontline to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 30.8%.

Frontline Price Performance

NYSE:FRO opened at $17.64 on Friday. The stock has a market cap of $3.93 billion, a P/E ratio of 7.20 and a beta of 0.28. Frontline has a one year low of $12.40 and a one year high of $26.75. The company has a fifty day moving average price of $16.51 and a 200 day moving average price of $16.27. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO) last released its earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $427.87 million during the quarter, compared to analysts’ expectations of $252.26 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business’s quarterly revenue was down 26.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.62 EPS. Analysts anticipate that Frontline will post 1.78 earnings per share for the current year.

Hedge Funds Weigh In On Frontline

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC acquired a new position in shares of Frontline in the 1st quarter valued at $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Frontline by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock worth $2,751,000 after purchasing an additional 20,370 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of Frontline by 32.3% during the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after purchasing an additional 6,424 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Evercore ISI lowered their price target on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.62.

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.