Frontline (NYSE:FRO) Lifted to Sell at StockNews.com

StockNews.com upgraded shares of Frontline (NYSE:FRO) to a sell rating in a research report sent to investors on Thursday.

Several other equities research analysts have also recently issued reports on FRO. Jefferies Financial Group reissued a buy rating and issued a $30.00 target price on shares of Frontline in a research report on Friday, August 30th. Evercore ISI dropped their target price on Frontline from $33.00 to $32.00 and set an outperform rating on the stock in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Frontline presently has a consensus rating of Hold and a consensus target price of $27.58.

Frontline Trading Down 0.2 %

Shares of Frontline stock opened at $22.22 on Thursday. Frontline has a fifty-two week low of $15.94 and a fifty-two week high of $29.39. The business’s fifty day moving average is $23.87 and its two-hundred day moving average is $24.46. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.59. The firm has a market cap of $4.95 billion, a PE ratio of 7.77 and a beta of 0.04.

Frontline (NYSE:FRO) last released its earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a net margin of 32.94% and a return on equity of 23.14%. The business had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. During the same quarter in the previous year, the company posted $0.94 earnings per share. Analysts anticipate that Frontline will post 2.62 earnings per share for the current year.

Frontline Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.62 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 11.16%. Frontline’s dividend payout ratio is currently 86.71%.

Hedge Funds Weigh In On Frontline

A number of institutional investors have recently bought and sold shares of FRO. International Assets Investment Management LLC acquired a new position in shares of Frontline during the 4th quarter worth $603,000. M&G Investment Management Ltd. bought a new stake in shares of Frontline in the 4th quarter valued at approximately $27,883,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Frontline during the first quarter worth $1,452,000. National Bank of Canada FI lifted its holdings in Frontline by 1,813.6% during the 4th quarter. National Bank of Canada FI now owns 73,941 shares of the shipping company’s stock valued at $1,490,000 after purchasing an additional 70,077 shares during the last quarter. Finally, Forest Avenue Capital Management LP boosted its holdings in shares of Frontline by 115.9% in the 4th quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after acquiring an additional 567,900 shares in the last quarter. Hedge funds and other 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.