Frontline plc (NYSE:FRO – Get Free Report) shares were up 3% during mid-day trading on Thursday . The stock traded as high as $23.78 and last traded at $23.66. Approximately 1,509,189 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 2,381,215 shares. The stock had previously closed at $22.97.
Analysts Set New Price Targets
Several analysts recently issued reports on FRO shares. StockNews.com raised shares of Frontline from a “sell” rating to a “hold” rating in a report on Thursday, December 7th. JPMorgan Chase & Co. reduced their price target on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research report on Friday, March 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a “hold” rating to a “buy” rating and raised their price target for the stock from $17.00 to $26.00 in a research report on Tuesday, January 9th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $22.00 price target on shares of Frontline in a research report on Thursday, February 29th.
Frontline Stock Performance
The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.79 and a current ratio of 1.78. The stock’s fifty day moving average is $22.51 and its two-hundred day moving average is $20.76. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 8.06 and a beta of 0.06.
Frontline (NYSE:FRO – Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Frontline had a return on equity of 26.00% and a net margin of 35.95%. The firm had revenue of $415.00 million during the quarter, compared to analyst estimates of $280.36 million. During the same period last year, the business earned $0.97 EPS. The firm’s revenue was down 21.7% on a year-over-year basis. On average, analysts expect that Frontline plc will post 2.79 earnings per share for the current fiscal year.
Frontline Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 27th. Investors of record on Friday, March 15th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 6.17%. The ex-dividend date is Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. Frontline’s dividend payout ratio (DPR) is 40.68%.
Institutional Trading of Frontline
A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Frontline by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,717,845 shares of the shipping company’s stock valued at $51,567,000 after buying an additional 214,352 shares during the period. Two Sigma Advisers LP increased its stake in Frontline by 4.6% during the 1st quarter. Two Sigma Advisers LP now owns 4,684,450 shares of the shipping company’s stock valued at $77,574,000 after buying an additional 207,450 shares during the period. Millennium Management LLC increased its stake in Frontline by 102.7% during the 4th quarter. Millennium Management LLC now owns 4,483,826 shares of the shipping company’s stock valued at $54,434,000 after buying an additional 2,271,724 shares during the period. Renaissance Technologies LLC increased its stake in Frontline by 1.6% during the 2nd quarter. Renaissance Technologies LLC now owns 2,825,193 shares of the shipping company’s stock valued at $41,027,000 after buying an additional 44,909 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Frontline by 594.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,360,781 shares of the shipping company’s stock valued at $25,804,000 after buying an additional 2,020,869 shares during the period. Institutional investors and hedge funds own 25.66% of the company’s stock.
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.