Frontline plc (NYSE:FRO – Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $22.56, but opened at $23.40. Frontline shares last traded at $23.58, with a volume of 924,242 shares trading hands.
Analysts Set New Price Targets
A number of research analysts have recently commented on FRO shares. Deutsche Bank Aktiengesellschaft raised Frontline from a “hold” rating to a “buy” rating and upped their price target for the company from $17.00 to $26.00 in a research report on Tuesday, January 9th. StockNews.com raised Frontline from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th. JPMorgan Chase & Co. dropped their price target on Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research report on Friday. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $22.00 price target on shares of Frontline in a research report on Thursday, February 29th.
Frontline Price Performance
The business has a fifty day moving average of $22.11 and a 200-day moving average of $20.52. The firm has a market cap of $5.18 billion, a PE ratio of 7.65 and a beta of 0.06. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.85.
Frontline (NYSE:FRO – Get Free Report) last announced its earnings results 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). The business had revenue of $415.00 million during the quarter, compared to the consensus estimate of $280.36 million. Frontline had a return on equity of 26.08% and a net margin of 35.95%. Frontline’s revenue was down 21.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.97 earnings per share. As a group, research analysts predict that Frontline plc will post 3.08 earnings per share for the current year.
Frontline Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th will be given a dividend of $0.37 per share. The ex-dividend date is Thursday, March 14th. This is a positive change from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 annualized dividend and a dividend yield of 6.37%. Frontline’s dividend payout ratio is 40.68%.
Hedge Funds Weigh In On Frontline
Several institutional investors have recently modified their holdings of FRO. Hexagon Capital Partners LLC grew its position in Frontline by 27.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock worth $54,000 after acquiring an additional 628 shares during the last quarter. RMR Wealth Builders grew its position in Frontline by 4.4% during the 4th quarter. RMR Wealth Builders now owns 15,612 shares of the shipping company’s stock worth $313,000 after acquiring an additional 652 shares during the last quarter. Sei Investments Co. grew its position in Frontline by 0.9% during the 4th quarter. Sei Investments Co. now owns 96,726 shares of the shipping company’s stock worth $1,174,000 after acquiring an additional 833 shares during the last quarter. PNC Financial Services Group Inc. grew its position in 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 acquiring an additional 836 shares during the last quarter. Finally, Moors & Cabot Inc. grew its position in Frontline by 8.3% during the 2nd quarter. Moors & Cabot Inc. now owns 13,000 shares of the shipping company’s stock worth $189,000 after acquiring an additional 1,000 shares during the last quarter. 25.66% of the stock is currently owned by institutional investors.
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.