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 released on Thursday.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group reissued a buy rating and issued a $30.00 target price on shares of Frontline in a report on Friday, August 30th. Evercore ISI cut their price target on Frontline from $33.00 to $32.00 and set an outperform rating for the company in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Frontline currently has an average rating of Hold and an average price target of $27.58.

Frontline Stock Performance

NYSE:FRO opened at $22.22 on Thursday. The firm’s fifty day moving average price is $23.87 and its 200 day moving average price is $24.47. Frontline has a 1-year low of $15.94 and a 1-year high of $29.39. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.75 and a quick ratio of 1.75. The firm has a market cap of $4.95 billion, a price-to-earnings 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 analysts’ consensus estimates 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 period last year, the business posted $0.94 EPS. On average, sell-side analysts expect that Frontline will post 2.62 EPS for the current year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 11.16%. The ex-dividend date of this dividend is Friday, September 13th. Frontline’s dividend payout ratio is presently 86.71%.

Institutional Trading of Frontline

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRO. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Frontline during the 2nd quarter worth about $31,000. ICA Group Wealth Management LLC purchased a new stake in shares of Frontline during the 4th quarter worth about $25,000. Summit Securities Group LLC grew its holdings in shares of Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. grew its holdings in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its holdings in shares of Frontline by 150.6% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 3,619 shares of the shipping company’s stock worth $85,000 after purchasing an additional 2,175 shares during the period. Hedge funds and other 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.