Frontline plc (NYSE:FRO) Receives $24.03 Average Price Target from Analysts

Shares of Frontline plc (NYSE:FRO) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $24.03.

Several analysts have issued reports on FRO shares. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research note on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th.

Frontline Price Performance

NYSE FRO opened at $17.83 on Monday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market cap of $3.97 billion and a price-to-earnings ratio of 7.28. The business has a 50 day simple moving average of $15.80 and a 200 day simple moving average of $19.86. Frontline has a 52-week low of $13.17 and a 52-week high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the prior year, the company posted $0.36 EPS. Analysts anticipate that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 7.63%. The ex-dividend date was Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Institutional Trading of Frontline

Institutional investors and hedge funds have recently bought and sold shares of the stock. M&G PLC grew its stake in Frontline by 27.2% in the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after purchasing an additional 237,446 shares in the last quarter. Smead Capital Management Inc. grew its stake in shares of Frontline by 5.1% in the third quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock valued at $15,188,000 after buying an additional 32,531 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Frontline by 1,326.2% during the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after buying an additional 490,486 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Frontline by 3.8% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock worth $3,279,000 after acquiring an additional 5,200 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in Frontline in the third quarter valued at $3,219,000. Institutional investors own 22.70% 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.