Frontline PLC (NYSE:FRO) Stock Has Consensus Price Target of $45.37 According to Analysts

Shares of Frontline PLC (NYSE:FRO) have been given an average recommendation of “Hold” by the eleven ratings firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $45.37.

A number of analysts have weighed in on FRO shares. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. DZ Bank downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. BTIG Research upped their price objective on shares of Frontline from $55.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, September 18th. Nordea Equity Research cut shares of Frontline to a “hold” rating in a research report on Monday, August 31st. Finally, Weiss Ratings raised shares of Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th.

Frontline Stock Up 2.3%

NYSE:FRO opened at $52.72 on Wednesday. The firm’s 50 day simple moving average is $44.76 and its 200 day simple moving average is $39.37. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.87 and a quick ratio of 1.87. Frontline has a one year low of $20.47 and a one year high of $54.91. The company has a market cap of $11.74 billion, a PE ratio of 7.90 and a beta of 0.15.

Frontline (NYSE:FRO) last announced its earnings results on Friday, August 28th. The shipping company reported $2.61 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.13). The company had revenue of $943.30 million for the quarter, compared to analyst estimates of $758.89 million. Frontline had a return on equity of 44.24% and a net margin of 49.47%.The firm’s quarterly revenue was up 96.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 earnings per share.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Friday, September 18th were issued a dividend of $2.61 per share. This represents a $10.44 dividend on an annualized basis and a yield of 19.8%. The ex-dividend date was Friday, September 18th. This is an increase from Frontline’s previous quarterly dividend of $1.55. Frontline’s dividend payout ratio (DPR) is 156.52%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FRO. Arrowstreet Capital Limited Partnership boosted its position in shares of Frontline by 4,659.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock valued at $202,080,000 after purchasing an additional 5,662,172 shares in the last quarter. BlackRock Inc. bought a new stake in Frontline in the second quarter worth approximately $50,846,000. Renaissance Technologies LLC increased its holdings in Frontline by 133.5% in the first quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company’s stock worth $32,344,000 after purchasing an additional 530,500 shares in the last quarter. Bank of America Corp DE acquired a new position in Frontline in the second quarter valued at approximately $30,123,000. Finally, Amundi lifted its stake in Frontline by 162.6% in the second quarter. Amundi now owns 847,488 shares of the shipping company’s stock valued at $29,809,000 after buying an additional 524,804 shares during the period. 22.70% of the stock is owned by institutional investors.

About Frontline

Frontline plc (NYSE: FRO) is a maritime transportation company that owns and operates a fleet of crude oil and refined petroleum product tankers. Its vessels transport energy commodities for oil companies, commodity traders, refineries and other customers in international markets.

The company’s fleet primarily includes very large crude carriers (VLCCs), Suezmax tankers and Aframax or LR2 tankers. Frontline generally employs its vessels through a combination of voyage charters, time charters and commercial pool arrangements, allowing it to serve major global shipping routes and connect oil-producing regions with refineries and consuming markets.

Frontline has roots in the Norwegian shipping industry and is associated with shipping entrepreneur John Fredriksen.