Frontline plc Plans Quarterly Dividend of $0.34 (NYSE:FRO)

Frontline plc (NYSE:FRO) announced a quarterly dividend on Wednesday, November 27th,Wall Street Journal reports. Stockholders of record on Wednesday, December 11th will be paid a dividend of 0.34 per share by the shipping company on Tuesday, December 31st. This represents a $1.36 annualized dividend and a dividend yield of 8.41%. The ex-dividend date is Wednesday, December 11th.

Frontline has increased its dividend payment by an average of 17.1% annually over the last three years. Frontline has a payout ratio of 81.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Frontline to earn $3.20 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 77.5%.

Frontline Price Performance

FRO stock traded down $0.60 during midday trading on Friday, hitting $16.18. 2,801,106 shares of the stock were exchanged, compared to its average volume of 1,874,372. The stock’s 50-day moving average price is $21.03 and its 200-day moving average price is $23.53. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. Frontline has a fifty-two week low of $16.10 and a fifty-two week high of $29.39.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The firm had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. Frontline had a return on equity of 19.23% and a net margin of 25.64%. During the same period last year, the firm earned $0.94 EPS. As a group, research analysts forecast that Frontline will post 1.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. Jefferies Financial Group reiterated a “buy” rating and set a $26.00 target price on shares of Frontline in a report on Wednesday. Finally, BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $27.26.

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.