Jefferies Financial Group Lowers Frontline (NYSE:FRO) Price Target to $26.00

Frontline (NYSE:FRO) had its price target lowered by Jefferies Financial Group from $30.00 to $26.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the shipping company’s stock.

Other equities analysts have also issued research reports about the stock. StockNews.com upgraded shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Evercore ISI dropped their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Finally, Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $27.26.

Frontline Price Performance

NYSE FRO opened at $19.23 on Thursday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The company has a 50-day simple moving average of $21.72 and a 200-day simple moving average of $23.90. Frontline has a one year low of $18.26 and a one year high of $29.39.

Frontline (NYSE:FRO) last announced 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). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The company had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. During the same period last year, the business posted $0.94 EPS. Equities analysts forecast that Frontline will post 1.88 earnings per share for the current year.

Frontline Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.90%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is currently 93.23%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new stake in Frontline in the third quarter worth approximately $783,000. Edge Capital Group LLC lifted its holdings in shares of Frontline by 31.8% in the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after buying an additional 99,765 shares during the period. M&G Plc bought a new position in Frontline during the first quarter valued at about $25,074,000. FCG Investment Co acquired a new position in Frontline during the third quarter worth about $823,000. Finally, Sanctuary Advisors LLC bought a new stake in Frontline in the second quarter worth about $548,000. Institutional investors and hedge funds 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.