Analysts Set Frontline plc (NYSE:FRO) Target Price at $24.03

Shares of Frontline plc (NYSE:FRO) have earned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $24.03.

Several research firms have weighed in on FRO. Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research report on Thursday, December 12th.

Frontline Stock Performance

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

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 analysts’ consensus estimates 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 period in the prior year, the firm posted $0.36 EPS. On average, sell-side analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

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

Institutional Investors Weigh In On Frontline

Several institutional investors and hedge funds have recently bought and sold shares of the company. Godsey & Gibb Inc. bought a new position in Frontline in the 3rd quarter valued at about $25,000. Jones Financial Companies Lllp acquired a new stake in shares of Frontline during the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC bought a new position in Frontline in the fourth quarter valued at approximately $84,000. Blue Trust Inc. raised its position in Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock valued at $111,000 after purchasing an additional 2,681 shares in the last quarter. Finally, U S Global Investors Inc. bought a new stake in Frontline during the third quarter worth $135,000. 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.